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****** TUESDAY,SEPTEMBER 8, 2020 ~VOL. CCLXXVI NO.58 WSJ.com HHHH $4.00

DJIA Closed (28133.31) NASDAQ Closed (11313.13) STOXX 600 367.97 À 1.7% 10-YR. TREAS. Closed (0.720%) OIL Closed ($39.77) GOLD Closed ($1,923.90) EURO $1.1816 YEN 106.28 Labor Day Makes a Big Splash as Summer Draws to an End Flawsin What’s News Boeing’s 787Jets Business&Finance Prompt roduction problems at Pa Boeing 787 Dream- liner factoryhaveprompted Review air-safety regulators to re- view quality-control lapses Regulators look into potentially stretching back almost a decade, according lapses at Dreamliner to an internal government plant that may stretch memo and people familiar with the matter. A1 back nearly a decade  Investorsreturning from the Labor Dayweekend are BY ANDREW TANGEL keeping an eyeout forsigns AND ANDY PASZTOR that a rally in tech stocks Production problems at a and the market recovery it Boeing Co.787 Dreamliner fac- fueled are losing steam. A1 tory have prompted air-safety  Shares of SoftBank S regulatorstoreview quality- tumbled 7%, as investors

PRES control lapses potentially reacted to news of a bet stretching back almost ade-

the company has placed on UMA

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a rise in tech stocks. B3 TO government memo and people  Samsung signed a$6.65 familiar with the matter.

billion contract with Verizon /NURPHO Theplane maker has told fornetwork equipment and SY U.S. aviation regulatorsthat it services,amajor boost to the produced certain partsatits

South Korean firm’squest to HENNES South Carolina facilities that UL

become akey 5G supplier. B1 PA failed to meet its own design ALL IN: Aboy jumps intothe wateratWekiwaSprings State Park in Apopka, Fla., on Monday. As crowdsturnedout around and manufacturing standards,  Wish joined Amazon in the country forthe long weekend, officials worriedthatholidaygatherings could lead to aspikeinCovid-19 cases. A6 according to an Aug. 31 inter- barring foreign seed sales nalFederal Aviation Adminis- after thousands of suspi- tration memo reviewedbyThe cious seed packets, many Wall Street Journal. postmarked from China, ar- As aresult of “nonconform- rived at households around ing” sections of the rear fuse- the world this summer. B1 Sharp Tech Pullback Unnerves lage, or body of the plane,that  Citigroup and abig hedge- fell short of engineering stan- fund client arelocked in an dards,according to the memo uncharacteristically public and these people,ahigh-level feud that has embroiled top InvestorsinHighflying Stocks FAAreview is considering executives and laid bare a mandating enhanced or accel- $900 million mistaken erated inspections that could payment by the bank. B1 cover hundreds of jets. BY AMRITH RAMKUMAR one point pushing the index est ratesnear record lows,the tions of manyofthese firms Thememo,aroutine update  Stock in China’s SMIC down almost 10% from itsre- investor mantrathat “thereis raise the possibility of large or summaryofsafety issues fell sharply after the U.S. Investorsreturning from the cord and spreading to markets no alternative” to purchasing share-pricedrawdowns this fall. pending in the FAA’sSeattle of- government said it was Labor Dayweekend arekeep- including crude oil and gold, the shares of major U.S. corpo- TheNasdaq Compositeisup fice that oversees Boeing design considering placing export ing an eyeout forsigns that a before abroad reversal nar- rations remains very much in- 26% forthe year.Swingsinthe and manufacturing issues,says restrictions on the semi- dizzying rally in technology rowedlosses in some stocks tact. Themain driver of the shares of Alphabet Inc., Ama- such asafety directivecould conductor manufacturer. B4 stocks and the market recovery and sent othersback intomore tech boom—strong growth that zon.comInc., Facebook Inc., coverasmanyasabout 900 of it fueled arelosing steam. familiar,green territory. has been boosted during the MicrosoftCorp.and others the roughly 1,000 Dreamliners World-Wide TheNasdaq Composite slid Fewinvestorsbelievethe pandemic as more consumers stand to accentuateexpected delivered since2011. morethan 6% over two days late-week rout signals the end work and learn remotely—also volatility around the U.S. presi- Thefinal languagedepends last week afterhitting afresh of arally that has takenthe still holds,investorssaid. dential election and attempts on the outcome of continuing  Entering a contentious high, led by Thursday’srecord Nasdaq to 43 record closes and Even so,the scale of the to control the coronavirus out- reviews by Boeing and the stageinthe presidential cam- one-daydecline in market pushed the S&P 500 up more gains among major technology PleaseturntopageA7 agency, as well as decisions by paign, Trump is seeking to value at Apple Inc., the most- than 6% forthe year.The econ- shares this year,the resulting moresenior FAAofficials.The focus voters on an economic valuable U.S.-listed company. omycontinues to showsigns of rich valuations and the gob-  James Mackintosh: Where extent of the reviewreflects rebound and public safety, Selling intensified Friday, at improvement, and with inter- smacking market capitaliza- danger lurks in tech rally.... B1 PleaseturntopageA9 while Biden is redoubling effortstomakethe election a referendum on Trump’s THE COVID STORM performanceonthe corona- 2020 Presidential Race Enters Final Sprint virus and the economy. A4  Germany signaled it ‘Diabolical’ Virus is prepared to reconsider its NordStream 2gas-pipeline project with Russia in light of the poisoning of Kremlin critic OutpacesScience Navalny, who was roused from an induced coma. A8  PG&E wasset to cut powerinpartsofNorthern SARS-CoV-2 is wily, with mysterious origins S

California to reducewildfire PRES and powerful ability to infect and spread GES risks,amoveitsaid would TED IMA affect about 172,000 cus- CIA SO

tomersin22counties. A3 AS BY ROBERT LEE HOTZ most innocent of human in- GETTY Y/  China is launching itsown AND NATASHA KHAN teractions—a shared laugh, a initiativetoset global data- conversation, an embrace. SEMANSK security standards,counter- Thenew coronavirus is a And it is aliar. SARS-CoV-2, MODEVILLA/ ing U.S. effortstopersuade killer with acrowbar,break- which causes Covid-19,often SO TRICK

ing and entering human cells misleads the body’s immune PA like-minded countries to CHIP ringfence their networks with impunity.Ithitchhikes systems. President Trump touted the recent jobs report and Democratic candidate Joe Biden arrived in from Chinese technology. A9 acrosscontinentscarried on Takenonits ownterms, Harrisburg, Pa., to meet with union members as Labor Day kicked off a key stretch of the race. A4 coughs and carelesshands, SARS-CoV-2 is the infectious  A Belarus opposition driven by itsown urgent ne- disease success of the past leader has been abducted, cessity to survive. 100 years. an opposition council said, It has agregarious side Almost unmatched in the raising fears that govern- that makes it hardtoresist. annals of emerging human Travelers Win ment authorities are inten- It loves aparty.The persis- contagions,ithas parlayeda sifying a crackdown. A8 tent social climber claims its few chanceinfections intoa  ASaudi court reduced the victims around the world by pandemic of around 27 mil- Quarantine death sentences of five men riding on momentsofthe PleaseturntopageA10 convicted in the killing of dis- Hotel Lottery sident journalist Khashoggi to 20-year prison terms. A8 Routines Get a Reboot iii  ABritish judge refused a In Singapore, you request by lawyers for Ju- lian Assangetoadjourn the At Work and at Home might get ‘stuck’ WikiLeaks founder’s extradi- tion hearing until 2021. A8 at the Ritz BY ARIAN CAMPO-FLORES said Ms. Dillane, 31 years old. “I think it’seasier to mentally BY CHONG KOH PING Sonia Dillane,asoftware prepare that all the next year JOURNAL REPORT development engineer at Ama- is a wash.” JoyVan Dee arrived in Sing- Investing in Funds: zon.comInc., won’t be remote Fall is typically a season of aporeafter a12-hour flight Lessons From the Last working at the kitchen table in revival, as people return to from Amsterdam, dreading two Pandemic R1-10 her Seattle townhouse any- work,children head to school, weeks of mandatoryquarantine more, sitting in adining chair sportsseasons launch and cul- with her toddler in agovern- One cloud that irritated her back. tural lifeawakens.This year, ment-designatedfacility. CONTENTS Opinion...... A15-17 Instead, roughly half ayear with the coronavirus pandemic Until, that is,their shuttle Arts in Review.... A13 Personal Journal A11-12 intothe coronavirus pan- still spreading in much of the bus parked at the five-star Business News...... B3 Sports...... A14 fits all. Capital Journal...... A4 Technology...... B4 demic,she is setting up an of- U.S.,itisaseason of deeper Ritz-Carlton Millenia Singa- Crossword...... A13 U.S. News.... A2-4,6-7 fice in aguest room. Her hus- adaptation. pore, and they were takentoa HeardonStreet... B10 Weather...... A13 band, asoftware development Workersare overhauling luxurious 549-square-foot Markets...... B9-10 World News...... A8-9 Choose the capabilities your business engineer at Amazon, is creat- routines and home offices, room, with river views.“We hit ing one in the den. She also families arecreating newritu- the jackpot,” said Mrs. VanDee, needs,when it needs them with the > won’t be attending services als and businesses are trying a42-year-old interior designer, Dell Technologies Cloud. forthe Jewish High Holy Days PleaseturntopageA6 who didn’t knowher destina- later this month as she nor- tion untilthe last moment. Learn moreat mally would. And she won’t  With no child care, parents This is Singapore’squaran- plan a getaway with her hus- quit work...... A3 tine lottery,wheremost arriv- DellTechnologies.com/Cloud s 2020 Dow Jones & Company, Inc. All Rights Reserved band for the winter.  Families face dilemma over als to the island city-statehave “We can’t just limp along,” youth sports...... A14 PleaseturntopageA10 P2JW252000-2-A00200-1------XA

A2 | Tuesday, September 8, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Josh Mitchell Education Boost Isn’t What It Used to Be

The U.S. and just 3% had abachelor’s Shareofadultsages 25 to 34 with apostsecondary degree 37% in 2005,census data gains to annual productivity lacks a key in- degree,census datashow. By show. Thesharewith abach- growth has been cut in half, 80% gredient that 2000,84% had graduated elor’s rose to 39% from 29%. compared with the past cen- helped propel from high school and 26% 70 South Korea Nonetheless, productivity tury, he said. it to economic had abachelor’s degree. Russia has grown tepidly. From He believes one big factor dominance in As Americans raised their 60 Japan 2007 to 2019, the productiv- is the change in the types of the 20th century: productiv- skills,the countryshifted 50 U.K. ity of nonfarm businesses schools Americans attend. ity gains from higher educa- from an agrarian economyin U.S. rose an average of 1.4% a For those who attend public tion. Figuring out why could the 19th centurytoanindus- 40 OECD Average year. Why is unclear. and nonprofit four-year uni- help influence the economy’s trial one and then adigital versities, there is still a big long-term trajectory once it one,leading to electrified cit- 30 Germany r. Katz says the data payoff in the form of higher emerges from the coronavi- ies,the massassembly line, 20 showhigher educa- wages and productivity. But, rus crisis. television, the computer,men M tion still helps indi- he said, a lot of Americans In 2009,President Obama, on the moon, and the inter- 10 viduals and society on aver- who earned degrees this cen- worried about the economy’s net. American households be- age. One pieceofevidenceis tury attended schools with- global standing,set agoal came wealthier,and living 0 the collegewagepremium: In out a big payoff, particularly forthe U.S. to have the standards climbed rapidly. 1982 '85'90 '952000 '05'10 '15 recent years, collegegradu- many for-profit colleges. world’smost-educated work- It wasall tied to education, Source:Organization forEconomic Cooperation and Development ates have,onaverage,earned George Mason University forceby2020.The shareof argued Harvardeconomists 75%morethan workerswith a economist Bryan Caplan, in U.S. workerswith collegede- Claudia Goldin and Lawrence nual gain came from rising Obama’s advisers believed high-school diploma who his 2018 book, “The Case grees has grownsignifi- Katz in their2008 book,“The educational attainment. the U.S. economy could slip never attended college, ac- Against Education,” offers a cantly,evenifthe country Race Between Education and When Mr. Obama took of- into mediocrity if it didn’t cording to the Federal Reserve different explanation. He ar- fell short of his goal. But Technology.” More-educated fice in 2009, his advisers further boost its “human Bank of NewYork.Many gues that while many college those gains haven’t trans- workersuse their knowledge worried that slow gains in capital,” or workers’ knowl- economistsbelieveemployers’ graduates are more produc- lated intoasubstantial pro- and skills to invent and inno- higher education threatened edge and skills. Improving willingnesstopay graduates tive than nongraduates, it ductivity boost as Mr.Obama vate,helping the economybe- to undermine long-term eco- human capital would lead to moreprovesthat grads are isn’t because college made and economistshoped. come moreefficient, thus nomic growth. In 1992, the stronger productivity moreproductive. Thepersis- them that way. Rather, many boosting productivity—or U.S. had more college gradu- growth, they said. tent wage premium suggests graduates already had valu- ising education levels— output per labor hour—the ates as a share of all citizens Collegeenrollment, which demand fortheir skills and able attributes—such as an firstinhigh school, key ingredient to rising living between ages 25 to 64 than had already started rising knowledge hasn’t been sati- ability to focus and learn R any other developed country, when Mr.Obama took office, then in collegeand standards,they say. ated, the theorygoes. quickly—before college. graduateschool—helped fuel Productivity rose an aver- according to the Organiza- accelerated during his first Mr. Katz says higher edu- Their degree simply signals strong economic growth in age of 2.3% a year from 1947 tion for Economic Coopera- term. By 2019,under the cation, in the aggregate, to employers that they have the latterhalf of the past to 2000, Labor Department tion and Development. Trump administration, nearly doesn’t carry the same pro- long had these attributes, century. In 1910,just 14%of data show. Ms. Goldin and But by 2009, the U.S. half of all Americans between ductivity punch it once did. making it easier for hiring Americans age25orolder Mr. Katz estimate roughly a ranked fourth, behind Can- ages 25 and 29 had an associ- In the 21st century, the con- managers to sort through job had ahigh-school diploma quarter of the average an- ada, Israel and Japan. Mr. atedegree or higher,upfrom tribution of higher-education applicants. ECONOMIC Worker Visa Bans Hamper Seasonal Businesses CALENDAR

BY JUSTIN BAER Theenhanced unemploy- U.S. states with mostforeign “It’s very frustrating,” said migration policyatthe U.S. AND MICHELLE HACKMAN ment benefits approved by workersonseasonal jobs Mr.Huskey,who previously Chamber of Commerce.“These Tuesday: Japan’s second- Congressand the WhiteHouse through J-1summer work ranhuman resourcesand now businesses will be leftout in quarter gross domestic product GATLINBURG, Tenn.—Jerry this summer also meant Amer- travel program since2009 serves as Ober Gatlinburg’s the cold.” is expected to be revised down Huskey,asenior staff member ican workerscould makemore risk manager.“We depend Critics of the foreign- from the initial estimate of a at Ober Gatlinburg, spent his money staying at home rather N.Y. heavily on winter—it’sthe worker programs areskeptical 7.8% contraction from the prior summer struggling to hire than taking a temporary job. only time when we’rethe only of businesses’ arguments. quarter, reflecting weaker capital enough staff to operateits On aJuly afternoon in Fla. game in town.” Thevisa programs offer expenditure plans. A separate re- amusement park and he is Gatlinburg, aparade of cars The U.S. Chamber of Com- employers alot of flexibility to lease on household spending for dreading the same challenge with out-of-statelicense plates Calif. merce,along with several expand or contract their work- July is forecast to show a 3.7% as the winter ski season ap- inched along Parkway,the Mass. other employers and organiza- forces,and those businesses decline, following June’s 1.2% proaches. city’s busy commercial strip. tions,havefiled legal chal- aren’t required to pay payroll drop. Lockdowns and travel re- Yet with a total population of Md. lenges to Mr.Trump’svisa taxesonthose workerswho Wednesday: China’s con- strictions because of the coro- just 4,000 residents, Ober ban, arguing that the presi- arrivevia J-1visas,said David sumer prices are estimated to navirus pandemic created one Gatlinburg and other busi- N.J. dent issued the order without North, a fellow with the Cen- have risen 2.5% in August from set of hiring hurdles this year; nesses couldn’t fill all the jobs evidencethat foreign workers terfor Immigration Studies, the same period a year earlier. Va. Washingtoncreated others.In needed during the bustling actually displaceAmericans, an organization advocating The deflation of August’s year- June,President Trump banned summer. Wis. and that he doesn’t hold the moreimmigration restrictions. over-year producer-price index is several work-based visa types One restaurant that was powertosingle-handedly Formanyseasonal employers, likely to have narrowed to 2% through the end of the year, closed in early July leftanote Colo. erase entire visa categories. hiring foreign workersiscon- from 2.4% in July thanks to an including the J-1and H-2B on itsdoor citing staffing is- Afederal court in Washing- venient, and cost-effective. uptick in commodity prices. 0 25,000 50,000 75,000 programs forseasonal foreign sues, while others staked “Al- tononFridaynight partially “It’s so much easier to call Thursday: The European workers, with the aim of safe- ways Hiring” signs out front. Source:U.S. StateDepartment upheld the ban, including on up this middleman who has an Central Bank is expected to guarding anyopen jobs for Theamusement park operated J-1 and H-2B workers, though in with aJ-1 program, to get leave its policies unchanged, but Americans. with reduced hours, and most winter months.Along adifferent court is set to people in bunches and who are its officials may signal that a Recruiting those U.S. work- couldn’t open all of itsvenues, the way, Ober Gatlinburg cre- reach apreliminarydecision in rights-free,” Mr.North said. further expansion of the ECB’s ers, however, proved difficult Mr. Huskey said. ated housingfor itstemporary aseparatesuit against the ban “They always talk about labor bond-purchase program is likely. this summer because the sea- Ober Gatlinburgstarted hir- staff.This year,though, Mr. within a few weeks. shortages,and they never talk U.S. jobless claims areex- sonaljobs aren’t permanent, ing J-1 workers in 1995, when Huskey could obtain only 25 “ManyJ-1 employers in about wage shortages.” pected to have edged loweragain affordable housing is hard to the businessbrought in about J-1-visa workers for the sum- winter resort towns arescared He added: “Ifyou’regoing in the week ended Sept. 5, more find, and, in some locations, 15 foreign employees.That mer.Asfor the looming winter about howthe current visa re- to runabusinesslikethis in evidencethe labor market is theresimply aren’t enough number has swelled to as season, the businesshasn’t strictions will impact their the U.S.,you ought to figure slowly healing.Evenwith another workersavailable,business manyas120 in the summer linedupany foreign workers companies,” said John Base- out how to recruit U.S. work- drop, however, the proxyfor lay- leaders say. and morethan 150 during yet. lice, executive director of im- ers.” offswould remain well above lev- els seen during anyprevious re- cession, underscoring the severe U.S. WATCH dislocation from the newcorona- virus and efforts to contain it. Friday: U.S. consumer prices CALIFORNIA are expected to show a rise for the third consecutive month in Fires in 2020 Burned August, though at a slower pace Record 2Million Acres than June and July. Prices have picked up for some goods and Wildfires have burned more services as the economy re- than 2million acres in California opens, though overall inflation this year,setting astate record pressure has been muted and is even as crewsbattled dozens of expected to remain so in the growing blazes in sweltering coming months. temperatures Monday. The most striking thing about the record is howearly it was CORRECTIONS  set, with the most dangerous part of the year ahead, said AMPLIFICATIONS

Lynne Tolmachoff,spokeswoman GES forthe California Departmentof IMA Noticetoreaders Forestry and Fire Protection. Wall Street Journal staff “It’salittle unnerving because GETTY

SE/ membersare working re- September and October arehis- motely during the pandemic. torically our worstmonths for Forthe foreseeable future, fires,” she said. “It’susually hot, ANCE-PRES please send reader com- and the fuels really dry out. And FR mentsonly by email or we see moreofour wind events.”

ENCE phone,using the contacts

The previous high was1.96 AG below, not via U.S. Mail.

million acres burned in 2018. Cal ON/ Fire began tracking the numbers Readers can alert The Wall Street Journal to any errors in news in 1987. EDELS articles by emailing SH [email protected] or by calling

Firefighters struggled to corral JO severaldangerous blazes ahead INFERNO: ACalifornia firefighterinunincorporated MaderaCounty doused flames Mondayinone of the morethan 20 blazes acrossthe state. 888-410-2667. of dry,hot winds predicted to raise firedanger to critical levels leave.Officials hoped to keep the ing adeputyinDalton, Ga. LAS VEGAS in the coming days.Evacuation firefrompushing west,possibly Dalton Potter,29years old, THE WALL STREET JOURNAL orders were expandedtomore toward YosemiteNational Park. fired numerous gunshots at Police Shoot Dead (USPS 664-880) (Eastern Edition ISSN 0099-9660) mountain communities as the CalFiresaid 14,800 firefight- Whitfield County Sheriff’s Dep- Woman’s Attacker (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) largestblaze, the Creek Fire, ers were battling 23 major fires utyDarrell Hackneyfrominside Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 churned through the SierraNa- in the state. California has seen his vehicle, the Georgia Bureau Policesaid an officer fatally Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. tional Forest. 900 wildfires sinceAug. 15, many of Investigation said Monday. shotaman who wasattacking Postmaster: Send address changes to The Wall Street Journal, Firefighters working in steep of them started by an intense DeputyHackneywas struck, awoman after being called to a 200 Burnett Rd., Chicopee, MA 01020. terrain savedthe tinytownof series of thousands of lightning but his ballistic vest savedhim, home foradomestic disputeon All Advertising published in The Wall Street Journal is subject to the applicable rate card, ShaverLakefromflames that strikes. Therehave been eight the GBI said. Sunday. copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., roared down hillsides toward a firedeaths and morethan 3,300 Mr.Potterhad been hauling The officer fired one shot 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final marina. About 30 houses were structures destroyed. astolen trailer and waspulled through amesh screen door af- acceptance of the advertiser’s order. destroyed in the remote hamlet —Associated Press overbydeputies beforethe terhespotted the man cutting Letters to the Editor: Fax: 212-416-2891; email: [email protected] of Big Creek, according to resi- gunfirehappened around mid- the woman, the Las Vegas Met- Need assistance with your subscription? dentTobyWait. GEORGIA night, authorities said. ropolitan PoliceDepartment By web: customercenter.wsj.com; By email: [email protected] “About half the privatehomes DeputyHackneyand another said. By phone: 1-800-JOURNAL (1-800-568-7625) in town burned down,” he said. Fugitive Accused deputyreturned fire, but Mr. It wasn’tclear whathewas Reprints &licensing: “Words cannotevenbegin to de- Potter made his getawayby using to cut the woman. By email: [email protected] Of Firing at Officer By phone: 1-800-843-0008 scribe the devastation of this driving south on Interstate 75. The man, who hasn’tbeen WSJback issues and framed pages: wsjshop.com community.” Authorities searched Mon- He wrecked the truck and es- identified, died at the scene. The Sheriff’s deputies went door dayfor aTexasfugitivethey caped into the woods on foot, woman wasinstable condition Our newspapers are100% sourcedfromsustainably certified mills. to door to makesureresidents describe as “armed and danger- the GBI said. with multiple lacerations. GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS were complying with orders to ous” who is accused of shoot- —Associated Press —Associated Press P2JW252000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, September 8, 2020 | A3 U.S. NEWS With No Buses Forge New Path Back to School Child Care, BY VALERIE BAUERLEIN Parents One of the hardest partsof getting children back in school this fall is physically getting Quit Work them there. Covid-19 has turned the al- BY GWYNN GUILFORD ready difficult job of running school buses intoalogistical ClaraVazquez’s7-year-old nightmare, with transportation son, Kevin, asks her atroubling directorsscrambling to figure question beforehegoes to out howtomaintain social dis- sleep each night. “‘Mom, who’s tance, sanitizeavehicle in going to take care of me tomor- near-constant use and protect

row?’ he asks me,” said the 27- the health of studentsand driv- S

year-old resident of Sunnyside, ers, manyofthe latterwho are PRES Wash. “I feel so bad because I retirees. TED

have to say, ‘I don’t know.’ ” In school systems with alter- CIA

She will have to come up nating schedules,planners SO with an answer soon, and it must draw multiple routes to AS CH/

may cost Ms. Vazquez a big getdifferent groups of students AT

part of her livelihood. In two to school on different days. DISP weeks,her son’sonline-only Managerscommonly face

classes start running from 9 start dates that areamoving MBUS LU

a.m. to 3:30 p.m. If she can’t target, making it hardtokeep CO find child care,she will give drivers who typically only get up at least one of her two jobs paid forthe hoursthey work. as ahome health-careworker “I hatetouse the word un- BICKEL/THE

to help her son managehis precedented, but this is A. studies. unique,” said Charles Hood,ex- A SHU

“I don’t want to quit my job ecutivedirector of the National JO because it’sgoing to put us in Association of State Directors Students get hand sanitizer as they stepped off the school bus last week at Heritage Elementary School in Lewis Center, Ohio. financial strain,” said Ms. of Pupil Transportation Ser- Vazquez, whose husband is a vices. Seating Chart school districtsare encouraged ridersona12-rowbus,asmany truck driver.“But Ifeel like The“yellow-bus industry” to reducepressureonthe expertsadvise.But she said she Acommon arrangementbeing usedonschool buses is to have I’m out of options.” has spent decades refining how transportation system by not didn’t have the luxuryofstaff one studenttoaseatinalternating positions. It is atrade-off that looms to prevent crashes and only a offering bus servicetostudents or sparebuses,soher average formillions of families across few months on the spread of Student seating location Driver who livewithin 1.5miles of the ridership is from 30 to 50 stu- the U.S. whose children arere- diseases,Mr. Hood said. “Quite school, and otherwise encour- dentsinpre-assigned seats, turning to partial or com- frankly,we’renomoreexpert aging studentstowalk,bikeor with siblingsgrouped together. pletely remotelearning at K-12 at it than anybody else.” carpool to school. Thereare newhand-sanitiz- schools this fall, and the poten- Over the summer acoalition Manyofthe firstdistrictsto ing stations at the front of the Monitor’s tial blowtothe economycould of national school transporta- seatif go back to physical school are bus,plastic faceshields for be big enough to rival asmall tion trade groups,including Mr. needed in theSun Belt. In Pensacola, driversand bottles of sanitizer or medium-sizerecession. Hood’s,studied howbest to run Fla., theEscambia County to be sprayed on everytouch- According to research that aschool bus program in apan- School District this year is able surfaceatthe end of the Brevan Howard Asset Manage- demic. transporting 13,000,orathird shift, amajor changefromthe ment recently shared with its It quickly became clear that of the system’s40,000 stu- quick sweep of the past. investors, about 4.3million U.S. therewould be no one-size-fits- Source:Massachusetts DepartmentofElementary and Secondary Education dents. Typically,the district Cor’Darius Jones,anEscam- workerscould find themselves all template, said study co-au- would transport 24,000,or bia County driver and maker of staying home unlessthey find thor Jim Regan,aChicago- School (STARTS)task force “Remember the movie ‘The 60%, of the students. aseries of “Mr.Bus Driver” vi- other child-carearrangements. based transportation built a225-item tool kit of best Martian’ with MattDamon, and Transportation Director Dar- ralvideos,said he felt as well- If those parentsare counted consultant. Morethan 25 mil- practices,based on areview of he says,‘Hey,you solveone lene Hart said Escambia, like trainedashecould be forthe among the unemployed, it lion studentstypically ride 50 pandemic response plans problem and yousolvethe next many districts, has long strug- firstday of school, but wasstill would boost the unemployment 480,000 school buses aday,ac- from companies such as Wal- one and yousurvive?’ ” Mr. gled to keep bus driversonthe caught off-guard. rate by 2.6percentagepoints, cording to the American School mart Inc.and DeltaAir Lines Regan said.“That’swhat this is. payroll. Some of her driversare “It wasdefinitely more according to Brevan Howard. Bus Council. Each of the 13,000 Inc.toagencies likethe Metro- This is arisk,we’vegot to solve older and decided not to come stressful,” he said. “You already That would be asharper in- school districtsnationwide has politan Transportation Author- it, then yousolvethe next one.” back; some took jobs in food have the normal challenges of crease than occurred in both itsown financial constraints, ity,which runs the NewYork So far,only ahandful of the deliveryorother lines of work. driving,watchingmirrors, the 1990-91 and 2001 reces- stateand local regulations and City subway system. 70 biggest city districtsare Thedistrict has 230 driversfor watching forstudentscutting sions,though smaller than school boarddesires to con- Among the major sugges- planning to go back to in-per- 280 slots, she said. up.Now I’m looking forany what occurred in the 2007-09 sider,Mr. Regan said. tions arerequiring masks and son learning this fall, according Ms.Hart said she would child that looks ill, too.” downturn, the researcherssaid. Instead the Student Trans- boarding the bus from back to to an analysis by TheWall have liked to spaceout children —Yoree Koh Arecent analysis by Bar- portation Aligned forReturn To front. Street Journal. In some states, at oneper windowseat, or 24 contributed to this article. clays economist Jonathan Mil- lar and colleagues found that the closures of all schools from September to December Unease RisesasCollegesSend StudentsHome 2020 would result in a reduc- tion of U.S. grossdomestic product in 2020 on the order BY MELISSA KORN Butte County,whereChico of between 0.4%and 0.8%. State is located, had been han- That compares with an infla- AdministratorsatCalifornia dling contact tracing forthose tion-adjustedGDP decline of State University,Chico, deter- who tested positiveoncampus. 0.1% in 1991 and aslight in- mined in lateAugust that cor- If studentsdotest positiveaf- crease in 2001. onavirus outbreaks in class- terheading home,Dr. Hutchin- Therelease of these analyses rooms and residencehalls sonsaid, “My guessisitwould comes as school plans remain could be catastrophic at the become part of their county in flux,and as outbreaks have school. Itsresponse: to send public health responsibility.” flared up at K-12 schools that students back home. As of Thursday, ChicoState have opened around the coun- Manyschools have made had reported 102 cumulative try. This rockystart is under similar decisions,including cases sincethe beginning of way as the U.S. economy’sre- James Madison University, August. covery brought the August un- North Carolina State University, JuanitaMottley,ChicoState’s employment rate down to 8.4%, Colorado Collegeand the State pandemic manager and director S from apeak of 14.7%inApril University of NewYork in One- of the campus health center, during the height of pandemic- onta. Public-health officials PRES said the school has warned stu- related businessclosures. worrythat dispatching stu- TED dentsabout exposing family CIA

Brevan Howard arrived at its dentstotheir hometowns,of- SO membersand urgedthem to

conclusions by calculating that tenwithout testing them before AS self-monitor forsymptoms. departure, could lead to new “There’snothing we canreally outbreaks around the country. do about people who maybeas- GAZETTE/ About 4.3 million “Shipping the problem back ymptomatic and continually to the community,wherethey /THE shedding the virus,” she said. workers could be canfurther spread, just AnthonyFauci, director of doesn’t seem likethe right an- theNational InstituteofAl- forced to stay home, MURDOCK swer,” said A. David Paltiel, a lergy and Infectious Diseases, an analysis found. professor at the Yale School of TIAN said on the “Today” showlast

Public Health. “Just because a CHRIS week that sending students kid is asymptomatic doesn’t Astatue of Charles Leaming Tutt Jr.stands outside the library thatbears his name at Colorado College home afteroutbreaks is “the mean it’ssafetosend that kid worstthing youcould do.” He around 5.3million working par- home. They could be exposed call to discussisolation efforts 90% of classes were already devastating effect on campus,” said schools should isolatein- entswith children under the and incubating.They could be with their university leaders. online,and the school had just President Gayle Hutchinson fected or potentially infected ageof14havefull-time jobs in fact a ticking time bomb.” “Even where you have test about 750studentsinresi- wrotetothe school community, students on campus instead. that can’t be done from home, Dr.Paltiel said the viral positivity on campuses,we dencehalls.Another 8,000 to announcing plans to reduce In the call with governors, and lack another parent or load rises steeply in the few want to encourageuniversities 10,000 areliving near campus. campus housing significantly. WhiteHouse coronavirus coor- adult to take up the child-care days following exposure, and to have studentsremain on or Theschool didn’t test students Theschool isn’t sending dinator Deborah Birx warned slack. Based on theschool-re- someone infected cantransmit near campus and minimizethe on arrival, and local health offi- home studentswho arecur- that sending even asymptom- opening plans of the nation’s the virus to othersstarting potential exposuretothe cials have led testing of poten- rently in quarantine.Morethan aticstudentshome could 100 largest school districts, around daythree afterexpo- wider community,” he said, ac- tially symptomatic individuals. 135 will stay in university hous- cause arepeat of what hap- which comprise around one- sure—beforesymptoms may cording to a recording of the By Aug.30, therewere ing because of hardships,and pened in partsofthe South in fifthofpublic-school students, present, if they ever present. call reviewedbyThe Wall nearly 30 cases on campus, the school has worked with June,when young people trav- Brevan Howard’s calculations Vice President MikePence Street Journal. with additional exposures “that about 100 otherstorelocateto eled to vacation spotsand out- suggest that at most around urgedgovernorsinarecent At ChicoState,morethan could have an exponential and off-campus housing nearby. breaks soon developed. 19%ofstudentsare returning to in-person classes this fall. With around 81% of children at- tending classes from their PG&E Sets California Blackouts to Cut Wildfire Risk kitchen tables,that translates to 4.3million workerswho will have to stop working unless BY KATHERINE BLUNT tain but would likely topmore such measures afterits equip- threats. side and crank their air-condi- they cancobble together an- than 500,000,based on census ment sparked aseries of Theshut-offs came aday af- tioning unitsastemperatures other source of child care. PG&E Corp.said it planned dataonpeople per household deadly wildfires in 2017and terthe California Independent topped 120 degrees in partsof Thedemands imposed on to cut powerinpartsofNorth- in California. 2018.Last October, it pre-emp- System Operator,which oper- the region, boosting electricity parentsbythis newvirtual ern California lateMondayto PG&E said the shut-offs tively cut power to morethan ates much of thestate’s elec- demand. As aresult, the grid school year this fall are, for reducewildfirerisks,aday af- would start about 9p.m. Mon- two million Californians across tric grid,anticipated a4,000- operator’s powerreservemar- manyworking parents, strain- terthe statenarrowly averted dayinsome areas,with other 34 counties,some fordays at a megawatt power-supply gins wore thin at several points ing stopgapmeasures that had rolling blackoutstorelieve areas seeing shut-offs starting time.Itisthe only U.S. utility shortage,driven in part by im- throughout the evening as so- gotten families through the strain on itselectric grid dur- Tuesday. Theoutages could to have ever initiated a port constraintsand wildfires lar generation began to decline. pandemic up until now. ing aheat wave. last through Wednesdayinall weather-related shut-off of affecting transmission lines in Californians responded by MaryAnn Shepherdsaid TheSan Francisco-based affected areas. such sizeand duration. partsofthe state. On Sunday, it conserving energy during the that helping her sons through utility,which serves 16 million California utilities in recent TheMondayshut-offs were called aStage 2emergency, supply crunch and the grid op- virtual learning when their people in Northern and Central yearshaveresorted to public the firstoftheir kind sinceCal- urging utility customersto erator called off the emergency Mobile,Ala., schools shut down California, said the outages safety powershut-offs in which ifornia wildfireseason began conservepowerduring the Sundayevening. in the spring wasmanageable. would likely affect about they cut off electricity to cer- earlier this summer.PG&E has early evening hoursbut Thestate grid operator Teacherswereflexible,and 172,000 customersin22coun- tain areas to reducethe risk of been working to reducethe stopped short of calling forro- called forrolling blackouts last gaveeveryone apassing grade. ties stretching from wine coun- their powerlines sparking scope of itssafety-related out- tating outages. month forthe firsttime since “This is not likethat—you can trytothe Sierrafoothills. wildfires when wind speeds ages by installing technologyto An extreme heat wave in the 2001 as aheat wave swept Cal- fail virtual school this time,” Theexact number of people pick up. limit their sizeand improving southern half of the state ifornia and other partsofthe said themother of four. potentially affected is uncer- PG&E last year relied on itsability to detect weather forced residentstoshelter in- West. P2JW252000-6-A00400-17FFFF5178F

A4 | Tuesday, September 8, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS PresidentCourts Outrage to ControlAgenda

leading presidential candi- date, he nowknows reporters and his political foes can’t simply ignorestatementsby the leader of the free world. And he uses the powertohis advantage. “They take him literally CAPITAL JOURNAL when really they should take By Gerald F. Seib him figuratively in some cases,” Mr.Lewandowski says nowinaninterview. “It Shortly afterthe 2016 drives the media story. It election, Corey Lewandowski, doesn’t always mean it’sthe President Trump’sonetime best narrative, but he’sdriv- campaign manager and cur- ing the media story. This isn’t rent informal political ad- new, by the way.This has

viser,appeared at aconfer- GES been going on forsix years.”

enceofcampaign leadersat IMA Mr.Trump’ssupporters HarvardUniversity and seem, in manycases,tobein scolded jour- GETTY on the deal. They oftentell nalistsfor SE/ reportersthey don’t take misunder- what the president says liter- standing the ally,but understand he uses ANCE-PRES

newly elected FR bombast and exaggeration to president. makeapoint they want to ENCE

“This is the AG hear. problem with the media: You Theproblem with this

guys took everything Donald NGAN/ style is that thereare times Trump said so literally,” Mr. of crisis or duresswhen a

Lewandowski said. “The MANDEL president needs the country problem with that is the President Trump speaking during a news conference at the White House on Monday. to take him both literally and American people didn’t, and seriously.Ifthe currencyof they understood it.” cratic opponent, JoeBiden. derscorehis argument about Portland, NewYork City and have an armyifhethinks presidential credibility is de- Today, almost four years Case No.1:Last week,the the pitfalls of mail ballots? Washington, D.C.—and none he’sgoing to walk down the valued, it isn’t clear it canbe intoMr. Trump’spresidency president told his supporters Moredarkly,was he sowing in swing states wherea street in NewYork.” That re- revalued when it really mat- and two months before to,essentially, trytovotefor seeds of doubt about the very threat to cut off federal funds sponse representsanother ters,orthat it canbeused Americans decide whether to him twice in this fall’selec- legitimacyofthe election to could backfireonthe presi- characteristic of some of Mr. successfully to uniterather re-elect him, that quandary tion, firstbymail and then come? dent’sre-election campaign. Trump’sverbal broadsides: than divide. remains at the heart of any by showing up at apolling In anycase,ifone of Mr. Does the president seri- They oftenget his foes to re- Allthis representsastra- effort to analyze President placeonElection Day. By do- Trump’sgoals wasmerely to ously intend to trytocut off spond with such outragethat tegic problem forthe Biden Trump: When should one ing that, he said they could ensurethat his complaints congressionally appropriated they appear to be the irratio- campaign. It has watched as take what he says seriously, test whether mail-in ballot about mail-in voting got funds to major cities—a move nal ones. Mr.Trump has used such tac- and when is he merely toying systems areasimpervious to prominent attention, he suc- of questionable legality and tics in recent weeks to move with the pressinabid to fraud as proponentssay,and ceeded. one certain to faceimmediate hereare an abundance the agenda from the corona- control the agenda, or with also ensurethat they cast a Case No.2:In recent days, court challenges—or washe of other examples,but virus to lawand order and his foes to bait them intore- vote that countsone way or the president issued amemo using apresidential memo- T mail-in voting. they all have one com- sponding in irrational ways? the other. ordering federal agencies to randum to underscorealaw- mon characteristic: They al- Can the Biden camp afford Wasthe president seri- exploreways to cut federal and-order messagecentral to lowthe president to exert a to simply ignoresome of the wo recent controver- ously suggesting his support- funding to cities that, in his his re-election campaign? lot of control over the na- thingsMr. Trump says and T sies underscorethe ersundertakewhat could be view, haven’t done enough to In anycase,the action left tional political agenda. Much stick to itsown agenda? Mr. question—and illus- considered an illegal act by control unrest in the streets. Mr.Trump’scritics sputter- as Mr.Trump knewduring Trump’sfoes have struggled tratethe way the president’s attempting to cast two bal- As it happens,the memo ing with rage.New York Gov. the 2016 campaign that re- with that question foryears, approach complicates lifefor lots? Or washemerely using mentions only cities with Andrew Cuomo responded by porterswouldn’t ignorein- without finding agood an- the campaign of his Demo- ashocking statement to un- Democratic mayors—Seattle, saying the president “better cendiarystatementsbya swer. Candidates Enter Key Stretch in Campaign Trump Backs Probe of BY CATHERINE LUCEY Mr.Biden held in-person AND KEN THOMAS events on four days last week, including one in Wisconsin, in Postmaster’s WASHINGTON—Entering a his most extensiveweek of contentious stageinthe presi- campaigning sincethe spring. dential campaign, President He plans to makestops in Fundraising Trump is seeking to focus vot- Michigan and Pennsylvania ersonaneconomic rebound next week.Inaddition to Penn- BY REBECCA BALLHAUS and public safety,while Demo- sylvania, Mr.Trump will travel cratic challenger JoeBiden is to Michigan, Florida and North WASHINGTON—President redoubling effortstomakethe Carolina this week. Trump said he would support election areferendum on the Mr.Trump’scampaign aides an investigation intoPostmas- president’sperformanceonthe arguethat the former vice terGeneral Louis DeJoy’s coronavirus pandemic and the president’snewly active travel fundraising practices,after economy. schedule is evidenceofmomen- employees of his former busi- With the start of early vot- tumthey see in internal polling. nesssaid they felt pressured inginsome states this month, “It’sbettertobeonoffense by Mr.DeJoy to makecam- Mr.Trump and Mr.Biden are than defense.Obviously,that’s paign contributions forwhich fighting forcontrol of abattle- whereweare,” said campaign he later reimbursed them. ground map stretching acrossa managerBill Stepien during a Asked at anewsconference dozenstatesagainst the back- QUE/REUTERS recent briefing with reporters. Mondayabout the allegations

drop of apandemic that has up- MAR Mr.Biden’sadvisers contend in areport by the Washington ended traditional campaigning. LA that the race has remained sta- Post, Mr.Trump said, “I don’t

Mr.Biden threatens to make KEVIN ble and disputethat Mr.Trump know too much about it.” Mr.Trump,aRepublican, the Democratic nominee Joe Biden during a meeting with labor leaders in Lancaster, Pa., on Monday. has made significant gains Pressed by areporter on firstpresident to lose re-elec- sincethe Republican conven- whether he would support an tion in nearly 30 years. Aseries ing. Mr.Trump is seeking to the WhiteHouse,wherehe Sen. Kamala Harris traveled to tion. They also pointtopolls investigation, he said, “Sure, of polls released sincetheir late highlight recent economic lambasted Mr.Biden in apre- Milwaukee to meet with labor showing Mr.Biden at 50% sup- sure. Letthe investigations go, August nominating conventions gains,such as Friday’sjobs re- viewofhis lines of attack for officials. port in anumber of battle- but he’saveryrespected showMr. Biden maintaining a port showing that the economy the final weeks of the election. Pennsylvania, acrucial tos- ground states,anindication of man.” If the investigation lead nationallyand in key added 1.4million jobs and the Mr.Trump cast Mr.Biden as sup state, will draw both candi- his staying power. proved Mr.DeJoy committeda states,though Mr.Trump is unemployment rate fell to 8.4%. a“pawn” forChina and at- dates later in the week forthe “Westill believethat this is crime,the president said he within striking distance in Their dueling messages are tacked his intelligenceand 19th anniversaryofthe Sept. 11 areferendum on Donald would support his dismissal. some surveys. playing out beforeafractured mental fitness, saying: “In attacks at amemorial in Trump.You know, he’sdesper- TheWashingtonPost on Much could hingeonnation contending with apan- prime time,hewasn’t good. Shanksville to the Flight 93 ately triedtochangethat and Saturdayreported that five whether Mr.Biden cankeep the demicthat has claimed more And now, it’snot prime time.” passengersand crew who that really hasn’t happened,” employees of Mr. DeJoy’s for- focus on Mr.Trump’shandling than 185,000 lives and adebate Mr.Biden, joined by AFL-CIO fought back against hijackers. said MikeDonilon, atop strate- mer businesssaid they had of thepandemic,asheargues over racial justicethat has President RichardTrumka,said Their planned appearances gist forMr. Biden. been urgedbyMr. DeJoy or that thepresident’sresponse spurred widespread peaceful the president was“not made of raise the possibility that the ri- Mr.Biden’scampaign said his aides to makecampaign hascost American lives and protestsand some violent the same stuff” as U.S. workers. vals could come face-to-facefor during arecent briefing forre- donations or attend fundrais- damaged the economy. clashes. “He lives by acode of lies, the firsttime during the race. portersthat it continues to ershewas hosting.Some of Mr.Trump is countering Mr.Biden marked Labor Day greedand selfishness,” Mr.Bi- Mr.Trump and Mr.Biden maintain multiple paths to them said Mr.DeJoy subse- with suggestions that lifeunder by meeting with union mem- den said. have traveled to key Electoral crossing the threshold of 270 quentlyarranged bonus pay- aPresident Biden would lead to bersinLancaster,Pa., ahead of Both running mates traveled Collegestatessincetheir nomi- electoral votes, pointing to poll- mentstothose employees,es- economic distress, as well as an event with the AFL-CIO in to Wisconsin. Vice President nating conventions concluded ing advantages in several sentially reimbursing them for chaos in the streetsbecause he Harrisburg.Mr. Trump,mean- MikePencedelivered ames- last month, with both cam- states,including Florida, Penn- all or part of their donations. is siding with protestersand in- while,stagedanewsconfer- sage of lawand order in La paigns paying close attention to sylvania, Michigan, Wisconsin Federal election laws ban sufficiently tough on lawbreak- encefromthe North Porticoof Crosse,Wis., while California the industrial Midwest. and Arizona. the practiceofreimbursing employees fordonations to evadelimitsoncampaign con- tributions, known as a straw- Funding Expiration, Aid Talks Await Lawmakers donor scheme. Aspokesman forMr. DeJoy said Sundaythat Mr.DeJoy BY KRISTINA PETERSON government shutdown. So the weeks beforethe election, Democraticleaders, mean- Theappetitefor ashort- wasnever notified by the em- AND NATALIE ANDREWS we’veagreed that we aregoing when mounting political pres- while,havesaid GOP proposals term spending bill, meanwhile, ployees that they might have to do aclean CR,” Mr.Mnuchin suremakes it hardest to com- have fallen short of what is reflectsthe widespread desire felt pressured, and that Mr. WASHINGTON—Lawmakers said on FoxNewsSunday, re- promise.Talks between the needed to respond to the coro- among both Democratsand Re- DeJoybelieves all campaign returning to Washingtonafter ferring to acontinuing resolu- WhiteHouse and Democrats navirus pandemic’shealth and publicans to avoid even the fundraising laws and regula- their late-summer break arehop- tion, or short-term spending brokedownlast month. economic toll. threat of agovernment shut- tions should be followed. ing to revive long-stalled negoti- bill. He said they would do this “The Republicans arenow down weeks away from an elec- Mr.DeJoy,aTrump donor ations over additional coronavi- separately from the Covid-19 moving even further in the tion. and GOP fundraiser, was rusrelief with lessthan two aidnegotiations. Negotiations over wrong direction,” SenateMi- Staff-level talks over the named to lead the U.S. Postal months until the election. That agreement means that nority Leader Chuck Schumer spending bill, which largely ex- Servicethis spring by the But if they can’t reach an bogged-down negotiations over another relief (D., N.Y.)wrote in aletterto tends funding at itscurrent lev- Postal ServiceBoardofGover- agreement on Covid-19 aid in another relief packagelikely package likely won’t SenateDemocratslast week. els,began Friday. Some Demo- nors, whose memberswere coming weeks,they at least won’t derail routine govern- “Republicans maycall their cratsare pondering extending appointed by the president. plan to avoid agovernment ment funding and spark ashut- spark a shutdown. proposal ‘skinny,’but it would it until early 2021, but Republi- Democratic lawmakershave shutdown. down. However, if lawmakers be more appropriatetocall it cans want to see it runout in accused him of working with House Speaker NancyPelosi canreach an agreement with ‘emaciated.’” mid-December,aides said. Mr. Trump to interfere in the (D., Calif.) and TreasurySecre- the administration over corona- Democratsand Republicans HouseDemocratspassed a November election, in which a tary Steven Mnuchinagreed virus aid, that could still getat- SenateRepublicans,who have clashed over what level to $3.5 trillion packageinMay, historic number of voters are last week to pursue ashort- tached to the spending bill, have urgedcaution on the size restorethe weekly $600 in fed- but Mrs. Pelosi has said they expected to cast ballotsby term spending bill without any aides said. of the next package, aredis- eral unemployment benefitsthat would be willing to compro- mail due to the coronavirus controversial policymeasures. Both congressional leaders cussing whether to bring for- expired in lateJuly; howmuch mise around a$2.2 trillion bill. pandemic.Mr. Trump has crit- Thegovernment’sfunding ex- and WhiteHouse officials have ward this week a“skinny” aid should go to stateand local Mr.Mnuchin last week said Re- icized efforts to expand mail- pires at 12:01 a.m. on Oct. 1. soundedincreasingly pessimis- packageofaid that would cost governments; and howmoney publicans could support legisla- in voting.Mr. DeJoy has re- “The speaker and Ihave tic notes about the chances of a lessthan their previous $1 tril- forschools should be allotted; tion that cost somewhere jected the notion he is trying agreed, we don’t want to see a relief deal coming together in lion proposal. amongother issues. around $1.5trillion. to hurt the Postal Service. P2JW252000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | A5

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A6 | Tuesday, September 8, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS HowLab Companies Tackled SurgeinTests

BY SCOTT PATTERSON Daily Covid-19 testsinU.S., U.S.,according to the Covid AND JOHN SIMONS seven-daymoving average Tracking Project. BioReference

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BioReferenceLaboratories but instead focused on expand- BR Inc.wereoverwhelmed, leading Source:COVID Tracking Project ing capacity “asfast as possi- Technicians at BioReference Laboratories in Elmwood Park, N.J., in August. to acrippling backlog of thou- ble,” according to Brian Cave- sands of patient samples.To the U.S.,Quest Diagnostics and ney, president of the company’s on,itdecided to use multiple catchup, the NewJersey-based LaboratoryCorp.ofAmerica diagnostics division. Quest also testing platforms to hedge New Cases Decline; been scrapped due to the pan- companydecided to halt new Holdings,kept taking in tests didn’t pause. against supply-chain bottle- demic and concerns about testsfor several days. despiteincreasing backlogs “Ifacustomer comes to you necks.Ifone platform was Officials Urge Care crowding. “Our backlog wassosignifi- that pushed turnaround times and has apatientwho needs missing an important ingredi- The U.S. reported more cant,” said BioReferenceExecu- forresultstoaweek or moreas testing,and is apatientin ent, the companywould be able than 31,000 cases for Sunday, tiveChairman JonCohen. The cases ballooned afterdozens of need, we’ll provide the test,” to continue testing on itsre- New coronavirus cases in down from 44,000 on Satur- plan worked, he says,even states reopened their econo- said Quest spokeswoman mainingplatforms—as long as the U.S. fell to their lowest day, according to data compiled though he says his company mies. Wendy Bost.“Whereelse are they didn’t encounter supply level since June 22 as the La- by Johns Hopkins University. “took alot of heat forthe BioReference’smovetostop they going to go?” shortages. bor Day holiday weekend be- The seven-day moving average pause.” Afterward, average taking in newtests—and itsri- By August, Quest and Lab- BioReferencecommittedto gan to wind down, while gov- for new daily cases in the U.S. turnaround time fortestsat vals’ decision to keep accepting Corp said they had worked test workersatnursing homes ernors in some states fell to the lowest level since BioReferencefell to about two them—highlightsaconfound- through their backlogs, reduc- throughout NewYork state. By continued to urge people to re- June 29, according to data col- to three days from roughly a ing dilemma the nation’sbig- ingaverage turnaround times latespring,the companyhad main vigilant to avoid the lected by Johns Hopkins and week,Mr. Cohen said. gest labs faced this summer as to aday or two. conducted about aquarter of a jumps in transmission that fol- analyzed by The Wall Street That improved performance, millions of Americansgot sick, While the expansion of test- million testsinNew York’s lowed some previous holidays. Journal. The U.S. death toll on and increasing testing capacity, overwhelming testing capacity. ing in the U.S. has been by nursing homes.But dedicating California Gov. Gavin Monday moved above 189,000, allowedBioReferencetoexpand While Quest and LabCorp raced manyaccountsanachievement, resourcestonursing homes Newsom said on Twitter Sun- Johns Hopkins reported. itstesting services to the Na- to expand, they were unable to it hasn’t been enough to track pushed delays forother cus- day that the state’s hospital- Meanwhile, India became tional Basketball Association, keep up with what became a and contain the virus.Labs tomerstoseven days,says Mr. ization rates are down, but the first country in the world the National Football League tidalwaveoftestsflooding have competed forlimited sup- Cohen. warned one weekend could to record more than 90,000 andMajor League Soccer, as their facilities. plies of plastics and chemicals By early July,the company change that. “Seriously—don’t new coronavirus cases in a sin- well as pharmacies such as CVS It is adilemma labs could used to runtests, struggled to wasgetting thousands more go to a big party. Wear a gle day. India has now over- Health Corp. faceagain in the fall and winter understand howfederal sup- testsaday than it could han- mask. BE SMART. I know we’re taken Brazil as the country Not everylab companyfelt if another wave of coronavirus plies were allocated and scram- dle. That waswhen it decided tired of #COVID19 but literal with the second-highest num- it could makethat trade-off,as hitsthe U.S.,expertssay. bled to come up with work- to pause taking in newtests. lives are at stake,” he wrote. ber of total confirmed cases, an avalanche of test samples Quest and LabCorp were arounds. Sincethen, turnaround times at Many holiday-weekend behind only the U.S., according poured intolabs in lateJune processing morethan 200,000 Likeother labs,BioReference the companyhavebeen about events, including Labor Day pa- to Johns Hopkins. and July.The two biggest testsaday in early July,about had to build itsCovid-19 testing two to three days,Mr. Cohen rades across the country, have —David Hall and Jon Kamp Covid-19 testing laboratories in one-thirdofall testsacrossthe program from scratch. Early said.

ersinside,the couple renovated Routines the spacetomakeitmorecon- ducivetosocial distancing. They gotrid of acardrack,a Get Reboot magazine display, acounter and asoft-drink refrigerator. They widenedaisles and recon- For Fall JOURNAL figuredmerchandise.They sep- JOURNAL REET arated two checkout registers ST

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reconfigured with work sta- OR Hospital about onceaweek. tionsspaced apart and floor YL She answers screening ques- TA markingsdirecting foot traffic. Top left, Fashion designer Scott Studenberg takes phone meetings on the patio of his Los Angeles home; top right, Sonia and Kevin tions on an app before enter- Confirmed cases of Covid-19 Dillane, software development engineers at home in Seattle; bottom, Dr. Eve Bloomgarden with her daughter in Northbrook, Ill. ing, waitsfor the green light top6.2 million in the U.S. Most to clear her,then dons amask people have recovered, and zelHealth Inc.asitpursues ger feasible. it’snot as satisfying…For busi- lery Ewkuks, are producing a and goggles. morethan 189,000 people have planstocontinue expanding “A big part is getting to ness,itworks well.” clothing line forback-to- Patientsoften seem anxious, died, according to datacom- this fall. Thecompanyexpects knowthat person, understand- Small-business owners are school season that will feature Dr.Bloomgarden said, and are piled by Johns Hopkins Univer- to add as manyas20employ- ing what makes them tick,” retooling fordifferent fall and moremuted colorstomatch as likely to ask about Covid-19 sity.The seven-dayaverage of ees to the current staff of 50 said Mr.Kinsella, 37.“I’vehad adapting to changing tastes. the somber mood. as hormone imbalances. daily newcases recently lev- in the next three months,with to shift tacks to do that with- ScottStudenberg, a37- They hadtocancel virtually “Thereisalot of stressgo- eled offatabout 40,000. most working from home. out meeting in person.” year-old fashion designer in all of the monthly art shows ing intothis fall”—for her pa- At commercial real estate “Howdoyou build that Now he schedules hours of LosAngeles,won’t be heading they had planned for fall fea- tients, and forher,she said. firm JLL’s Florida offices, “La- team when you’renot in an of- Zoom video meetingstoget to to NewYork Fashion Week turing graffiti artists—usually “There’snooutlet, no gym, no bor Dayhas always been are- fice?” said Mr.Golomb,the knowfoundersand employees this month. About 80% of his festive Saturday-night events vacation. Youcan’t hang out juvenation of our culture,” 46-year-old chief executiveof and take virtual toursofman- orderswerecanceled afterthe with drinks that draw crowds. with friends.” Her family’s new said Tim Rivers, the com- the company, which creates ufacturing facilities or labs. pandemic hit, forcing him to Nowthey aretrying to put to- escape: the ChicagoBotanic pany’sFlorida market director virtual medical clinics for Companies increasingly send let go of five of his six workers gether shows similar to one Garden. based in Tampa. It is atime schools.“We have to getmore “sizzle reels”—snappy,stylized and reorient his brand, Baja they didinJuly,held during Lucien Tolbert, a44-year- when staffing returns to full creative in that.” videos providing an overview East, to online sales. the day, without alcohol and old human resourcesconsul- force, clientsre-engageand He can draw on tactics Ha- of their products or services. Mr.Studenberg’scoming with alimited number of peo- tant in NewOrleans,started a the industryprepares to enter zeltried out during an annual With businesscontactscloser ple in the store. newjob at an oil refineryin its often busiest quarter. meetingthat took placevirtu- to home, he plans to do more They areconsidering tem- June, just as new coronavirus But this year,only about ally over two weeks in July.To walking meetingsinthe Presi- “Wecan’tjustlimp porarily shutting down the cases in Louisiana began 25% of the company’semploy- encourageinteraction, Mr.Go- dio park,chatting six feet storeand going fully online climbing again. Except for ees in the statehavereturned lomb said, the company com- apart, to get a break from the along,” says Sonia for a while, Mr. Choi said. Or three or four times he has to JLL’s eight Florida offices. plemented all-staff sessions computer screen. Dillane,asoftware they might focus moreon physically seen colleagues,his To trytorecreatethe cohesion with small-groupgatherings, JayPaxton, areal-estateat- their video work creating art entire experience at the com- that stems from officeinterac- covering the tabfor partici- torney in Houston, said some engineer in Seattle. tutorials and filming street pany has been virtual. tions,Mr. Riversisscheduling pantstoorder food at home to innovations adopted in the artists, including at amural It has been tough, given regular one-on-one chatswith simulatethe experienceofta- spring andsummer as are- festival later this month in howsociable he is and the staffersand encouraging more ble-side conversations.Atthe sponse to the pandemic are Kansas City, Mo. need to learn a new business, membersofbusinessteams to start of each session, asong likely to become morepreva- collection will include 10 to 15 In Amherst, Mass.,this is Mr.Tolbert said. He setsup communicate with clients. chosen by the presenter would lent. Virtual court hearings looks that areheavy on sweat- normally abustling time at regular video meetingsand He also is pressing,when playand aDJwould offer an have eliminated drivetime and suitsand other quarantine- the 106-year-old A.J. Hastings phone calls with colleagues possible,toget younger em- introduction, to replicate the cut down on courthouse waits. friendly leisurewear—much collegegear and officesupply and his supervisor, peppering ployees intothe officefor energy of a live event and al- Mr.Paxton nowconducts fewerthan the 50 looks he store, as studentsstart the fall them with questions.Heprays training sincethey aremissing loweach speaker to show seminarsonline forreal-estate showedinhis previous one. semester at three area univer- each morningfor strength and out on learning by observing some personality. brokers, on issues likeforeclo- Rather than presenting the sities.But foot traffic is down discipline,steeling himself for senior staffers. “Productivity Matthew Kinsella, manag- sures,that he used to do in collection in arunway show, by at least half because of re- months moreofremotework. comes when people know ing director at venturecapital person. Theaudienceissignif- he will createanonline ver- strictions on the numbersof His main outlet forsocializing they’repart of something,” firm Maverick Ventures in San icantly bigger—though nowit sion, filming videos of the students on campus and reti- is on Sundays at Franklin Ave- said Mr. Rivers, 55. Francisco, is adapting the way is harder to tell if they are looks and explaining each one. cenceoverin-person shop- nue Baptist Church, where he In San Francisco, Josh Go- he evaluates companies for laughing at his jokes. “I’ll flytoeveryone virtu- ping,said Sharon Povinelli, co- is a deacon. lomb is grappling with an- potential investments. Trips to “The technologyhas ally,” Mr. Studenberg said. owner of the storewith her “I’m typically apositive other challenge: how to build visit startups and spend hours changed the way we do things,” Ed Choi andRon Shawler, wife, Mary Louise Broll. person,” Mr.Tolbert said. “But camaraderie among newwork- over meals and drinks to size said Mr.Paxton, 68.“Forper- co-owners of the Los Angeles During the five months A.J. it’s just hard to see an imme- ersattelehealth companyHa- up entrepreneursare no lon- sonaland family interaction, street wear shop and art gal- Hastingsdidn’t allowcustom- diate end to the pandemic.” P2JW252000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | A7 U.S. NEWS FBI Sweep Nabs Chinese Researchers

BY KATE O’KEEFFE technologytheft. There- affidavit Mr.Guan filed in are- TheFBI sweep launched in Thelatestcases appear to laptop that his adviser would AND ARUNA VISWANATHA searcher,Guan Lei, threw a lated proceeding,hesaid he June factored intothe U.S. deci- involveresearch with military be upsettolearn he had, the damaged computer harddrive spokewith the FBI because he sion to close China’sconsulate applicationsthat China’sPeo- affidavit said. Beihang Univer- Asearch by U.S. authorities in adumpster days afterhe “had nothing to hide” and he in Houston, afterauthorities ple’sLiberation Armyistrying sity didn’t respond to arequest forChinese researcherswith wasstopped from leaving Los believes he wastargetedbe- suspectedthat Chinese diplo- to develop. forcomment. ties to China’smilitaryislead- Angeles International Airport, cause of the “political climate matswereassisting some of the Mr.Guan’sresearch centers Theprofessor,who wasn’t ing to intensifying cat-and- prosecutorsallege. between China and the U.S.” scholars with evading investiga- on machine learning,anartifi- identified in court filings, told mouse tactics involving what In another,ascientist re- Mr.Guan’sfiancée, Yang Zhi- tors.OnJuly 21, when the State cial intelligencefield. One of his theFBI he had repeatedly de- prosecutorssay arefoiled es- searchingfluid dynamics at the Department ordered the consul- advisers at China’sNational nied Mr.Hu’srequeststoaccess capes,evidencetossed intoa University of Virginia is ateclosed, it also told the Chi- University of Defense Technol- his code and didn’t knowhow dumpster and achase through chargedwith stealing proprie- A search by U.S. nese ambassador to getthe re- ogy is alieutenant general and he obtained it, according to the an airport. tary software code under devel- maining militaryresearchers aleading figure in the PLA’s su- affidavit. He told authorities FBI agentshavequestioned opment fortwo decades by his authorities leads to out of the country,The Wall percomputer program, accord- Mr.Hu“had leftUVA to return dozens of researchersabout adviser,who received U.S. Navy intensifying cat­ Street Journal reported. ing to an FBI affidavit filed to China without contacting their work and militaryaffilia- funding.The adviser told inves- China’sForeign Ministryhas with his criminal complaint. himtobid him farewell,” the tions.Inrecent weeks,the wid- tigatorsthat Hu Haizhou, and­mouse tactics. said itsdiplomats“have never Mr.Hu, who works foramil- filing said. ening operation has triggered whom U.S. authorities pre- engaged in activities incompati- itary-funded lab at Beihang Auniversity spokesman said effortsbysome suspectsto vented from boarding aflight ble with their status,” and Bei- University in Beijing,was re- the school is cooperating with evadeauthorities and led to the in Chicagolast month, hadn’t jing has denied U.S. accusations searching underwater robotics, lawenforcement. TheU.S.Of- arrest of at least two research- informed him he planned to re- hui, aChinese national study- of intellectual-property theft, according to an FBI affidavit. fice of NavalResearch didn’t erswhose work is allegedly turn to China, prosecutorsal- ing computer scienceatthe characterizing them as politi- Thecode prosecutorsaccuse respond to arequest forcom- tied to China’smilitarydevel- lege in filingsinhis case. University of California, Irvine, cal. TheChinese Embassy him of stealing wasdeveloped ment. opment, according to court fil- Messrs. Guan and Hu, ar- wasarrested running through didn’t respond to arequest for by his UVAadviser, who runs a At UCLA, Mr.Guan was ingsbyprosecutors. rested separately in lateAu- the LosAngeles airport to comment on the latest cases. collaborativeprogram with working in the math depart- In one case,aresearcher at gust, areincustody and have boardaflight to China on Aug. At least four cases the Jus- other schools funded by the Of- ment and studied “anoptimiza- the University of California, Los yettoenter pleas.Alawyer for 31, even though her lawyer had ticeDepartment filed in the fice of NavalResearch. tion algorithm and itsapplica- Angeles studying artificial in- Mr.Husaid that in his experi- agreed she would surrender for weeks leading to the consulate In an interviewwith Cus- tion in machine learning,” the telligenceisaccused by federal encetrade secretschargesare detention as awitnessagainst closureaccuse researchersof toms and Border Protection of- criminal complaint said. A prosecutorsofdestroying evi- “typically overstated.” Mr. Mr.Guan, prosecutorssaid. Her visa fraud. Twohavepleaded ficers at Chicago’sO’HareInter- UCLA spokesman said the uni- dencesought by the FBI in an Guan’slawyer didn’t respond to lawyer said Ms.Yang is alaw- not guilty while two have yetto national Airport on Aug.25, Mr. versity is cooperating with the investigation intopotential arequest forcomment. In an abiding student. enter pleas. Hu admitted he had code on his investigation. Liberty University Contemplates Future Without Falwell

BY IAN LOVETT Mr. Falwell disputed em- ployees’ characterization of In Jerry Falwell Jr.’s last his leadership style.“We never yearsaspresident of Liberty let go of afaculty member for University,employees said GES criticizing me,” he said. He they sawfrequent signs that IMA added that he told employees

he wasn’t living by the values ETTY nottospeak to the boardto espoused by America’slargest /G comply with accreditation evangelical Christian college, AFP rules.Janea Johnson,a where students and faculty spokeswoman forthe Southern canbedisciplined fordrinking, Association of Colleges and even offcampus,and all sexual Schools, which accreditsLib- AKE/REUTERS;

content is banned. DR erty,said each institution had Former school administra- itsown bylaws,but “nothing

tors said staff and donors THAN specifically in our standards

complained that he showedup JONA that says faculty and board to campus appearing drunk or : memberscan’t communicate.” smelling of alcohol. He told LEFT Likemost university presi- OM

another Christian leader on FR dents, Mr.Falwell reported to Twitterto“grow apair.” One Jerry Falwell Jr. resigned as president of Liberty University in Virginia in August amid several scandals. He says he did nothing wrong. the boardoftrustees.But the former staffer recounted over- board exercised little over- hearing him sayatea at a to operatewith impunity for capable of protecting Liberty Journal, said he had no regrets the color of the wall. sight, according to multiple campus cafe reminded him of so long and demanding or leading it in a new direc- about his time at Liberty and Unlikeatmost universities, former officials who attended awhiskey he had tried. Once, changes to the boardoftrust- tion,” he said. had done nothing wrong. “I Liberty faculty membersdon’t boardmeetings. at aLiberty football game,he ees and the administration, Theboardoftrustees said builtitfromzerotofour bil- have tenurethat offersprotec- Twiceayear,the members accidentally sent arisqué whichthey sayfailed to hold in astatement last week that lion,” he said of the school’sfi- tions from being fired, except would gather at the Lynch- photoofhis wifetoanumber himaccountable. it had hired what it described nancial position. “I worked my those who teach at the law burg, Va., campus at around 9 of administrators, including “Therewas acultureof as aforensic firm to investi- buttoff.Iwent through all school. a.m., according to former offi- hisson, according to people fear—I felt that very strongly,” gate “all facetsofLiberty Uni- kinds of stress.” Some of theformer admin- cials who attended meetings. whowitnessed it. said Caitlin Elliott, an alumna versity operations” during Mr. Criticism from outside the istrators, meanwhile,said Mr. They said Mr.Falwell and Mr.Falwell denied coming who worked as director of the Falwell’stenureaspresident. school became common in re- Falwell warned them not to other Liberty administrators to campus drunk and noted campus writing center until “Some maysay that all the cent years, particularly as Mr. take their concerns about the would makepresentations and, that drinking wasn’t banned August, when she leftbecause signs were therefor along Falwell became an outspoken school to the trustees.One of onceayear,present abudget, forstaff.Hesaid he never of her dislike of the campus time beforelast week,” the advocatefor President Trump. those people said that, several after which there was little drank tea, and denied sending culture. “He created this envi- boardadded in itsstatement, He oftenfeuded with other yearsago, Mr.Falwell told 40 time forquestions and almost any inappropriate text mes- ronment wherehekind of had “but all the signs were not Christian leaders who were people at an executivemeeting no deliberation. By around sage. immunity to do whatever he thereuntil the start of last lessenthusiastic about the that they weren’t allowedto noon, lunch was served and Twoweeks ago, Mr.Falwell wanted.” week.” president. talk to the boardatall. some memberswereheading resigned amid aseries of scan- Dustin Wahl,one of the Aspokesman forLiberty On Liberty’s campus,how- “Therewerealot of people out to catchflightshome. dals,including allegations, foundersofSave71, an alumni declined to comment on criti- ever,dissent wasvirtually who probably knew” that Mr. “Until afew days ago, the which he denied, that he for group pushing forchangeat cism of the board. Multiple nonexistent. One of the former Falwell wasbehaving in ways M.O. wasbasically to give years watched his wife have Liberty,said the boardhad board members declined to employees said that atop ad- that weren’t allowedoncam- Jerryfreerein and full author- sex with another man. Now failed to protect the school’s comment or didn’t respond to ministrator advised him to pus,one former administrator ity to runthe school and do as that he is gone, Liberty stu- reputation, and shouldn’t be inquiries. deal with Mr. Falwell by al- said. “Therehad been smoke he pleases,” said one of the dentsand alumni areasking involved in picking the next Mr.Falwell, in recent inter- waysagreeing,evenabout foryears. But if yousaid former officials,who attended howMr. Falwell wasallowed president. “The boardisnot views with TheWall Street matters as seemingly trivial as something,you were gone.” boardmeetings.

the five biggest stocks in the kets by companies such as Soft- Market capofthe fivemost- Zoom Videowas up Tech Selloff indexthree yearsago. BankGroup Corp.and individ- valuable S&P500 companies, 523% as of Sept.2 Afterbecoming the firstU.S. ual investorsusing apps like as ashareofthe overall index 500% CHANGE public companytoreach $2 Robinhood as factorsthat could YTD AS OF FRIDAY Unnerves trillion in market value last tend to accentuatemarket 26% month, Apple slid 8% on moves in both directions.Ana- 25% Thursday, losing $180 billion in lystsare concerned that some 450 20 Investors ahistoric slide.Inthe last two of these tradersusing bor- Zoom Video sessions of last week,Amazon, rowedmoney might be forced +444% Microsoft, Alphabet and Face- to sell unrelated assetstocover 15 ContinuedfromPageOne book each fell at least 6.5%. their losses,atrend that can 400 breaks that have hobbled the On Thursday, the five big- amplifymarket downturns.The 10 Tesla global economy. gest tech firms and Netflix Inc. market might be vulnerable to +400% “They’verun up so much, lost nearly $500 billion in com- apullback in part because 5 andthey’reoverextended,” bined market value. some economic datashowa said Leslie Thompson, manag- “Momentumisniceonthe slowdowninthe recovery. 0 350 ing principal at Spectrum Man- way up,but it’spainful on the “It’s likely to happen 2017 ’18 ’19 ’20 agement Group in Indianapolis, way down,” said Gene Gold- quickly,” said Lauren Goodwin, which manages about $700 man, chief investment officer amultiasset portfolio strate- million. She has been cutting at Cetera Investment Manage- gist and economist at New Cumulativepercentagechange her investmentsintech stocks ment. He has been lowering in- York LifeInvestments, which in 2020,asofselect dates 300 such as Apple and chip maker vestmentsintech while in- holds asmaller position in U.S. Nvidia Corp.recently.The creasing positions in beaten- stocks than the benchmark it Feb. 19 March 23 Sept.2 speed of the climb “was just down value sectorsthat appear tracks.“Therecoveryisprecar- S&P500 peak Indexhits S&P500 beforecrash 2020 low record close really ridiculous,” she said. cheap likethe financial and in- ious,and investorsknowit.” 250% Theascent by these stocks dustrial groups. Thewhipsawaction has buoyed marketsinmonths of Some traderssaid the pro- been evident beyond the big- economic uncertainty: Apple, liferation of investmentstied gest internet firms.One of the Facebook and Amazon each to momentum—the practiceof fastest-climbing stocks in re- rose 85% or morefromMarch buying assetsonthe expecta- cent months,Tesla Inc., is 200 23,when marketsbottomed tion theircurrent pricetrend down 16%inSeptember—a following the Federal Reserve’s will continue—and volatility drop that began just afterthe announcement that it planned means moreofthe gains could electric-car maker on Aug. 31 extensivesupport forthe econ- be in jeopardy. passed Visa Inc.tobecome the 150 omy, to Sept. 2. Billions of dollarshave seventh-largest U.S. public Now, though Friday’sselloff flowedintotech exchange- company, with amarket value wasmuch milder than Thurs- traded funds likethe Invesco near $465 billion. day’s, some investorsare QQQ Trust in recent weeks, Other heavily traded tech Nvidia watching forsigns that the tech while some gauges of investor firms such as Zoom Video Com- 100 +115% tradeisstarting to unwind. It is sentiment have signaled inves- munications Inc.and Slack aprocess that some fear could toroptimism mounting.To Technologies Inc.havealso Amazon.com exert aheavy weight on mar- some,that indicated the time fallen. Thepullback highlights Apple kets given the firms’ sizeand might be ripe forapullback. thedisconnect between share 50 popularity with traders, and At the same time,market prices and earningsfor some Facebook because manyinvestorshave sentiment isn’t in crazily bull- companies,manyinvestorssaid. Microsoft struggled to rationalizethe ish territorythe way it was20 “A lot of the fundamental scale of the markets’ gains at a yearsago beforethe Nasdaq movesare real, but the stock Alphabet time of economic dislocation crash. Flows intoequity funds prices have moved up more 0 S&P500 andfractious politics. broadly have been muted, than the fundamental +6% Thefivebiggest internet while tens of billions of dollars changes,” said Michael Lippert, companies—Apple,Amazon, have flowedintobond funds who manages the Baron Capi- Microsoft, Google parent Al- andfunds tracking gold in re- talOpportunity Fund that –50 phabet and Facebook—made cent months. countsMicrosoft, Alphabet and Jan. Feb. March April MayJune July Aug. Sept. up 26%ofthe S&P 500 at the Investorshavealso cited Amazon.comamong itslargest end of August, up from 14%for surging activity in options mar- holdings. Sources: FactSet via DowJones Market Data (market cap); FactSet (performance) P2JW252000-0-A00800-1------XA

A8 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. WORLD NEWS Poisoned Putin Critic ComesOut of Coma

Merkel considers December.The pipeline is also around the world. Aspecialist controversial in Europe,which militarylaboratoryinGer- sanctions on Russia, has tried to reduce its depen- many confirmed Aug. 24 that including scrapping dence on Russian gas. he had been poisoned with Thepoisoning of Mr.Navalny Novichok,anerveagent that pipeline, overattack has made further U.S. sanctions, wasdeveloped in theSoviet possibly in cooperation with the Union and is now banned. BERLIN—Germanysignaled EU,morelikely,said Benjamin Russian officials have it is prepared to reconsider its L. Schmitt, Harvardpostdoc- startedapreliminaryprobe NordStream 2gas-pipeline toralfellowand former Euro- into Mr. Navalny’s illness but project with Russia in light of pean energy-security adviser at haven’t opened a full-fledged the poisoning of Russian op- the State Department. investigation. Mr.Navalny’s position figure AlexeiNavalny, “Especially in light of the spokeswoman, Kira Yarmysh, who wasroused from an in- Navalnypoisoning by Novi- said she requested an investi- CK

duced coma on Monday. TO chok,it’sincreasingly likely gation when Mr.Navalnyfell that the U.S. and EU maywell ill in late August. By Bojan Pancevski passjoint sanctions to make Kremlin spokesman Dmitry in Berlin and Thomas SHUTTERS surethat the pipeline is never Peskov said on Mondaythat A/ Grove in Moscow completed,” Mr. Schmitt said. Moscow waspleased with Ger-

ON/EP TheKremlin has denied any many’sdecision to send infor- Chancellor Angela Merkel, JE responsibility in Mr.Navalny’s mation on Mr. Navalny’s con-

who has been achampion of UNG poisoning and has cast doubt dition and the course of his YO

the pipeline project, couldn’t HA on German doctors’ conclusion recovery.Healso said he saw rule out including NordStream Russian opposition leader Alexei Navalny has been treated at a Berlin hospital since his poisoning. that he waspoisoned at all, no risk to Germanyblocking 2inpossible sanctions against referring to Russian doctors’ the NordStream 2gas pipe- Russiashould Moscow fail to Mr.Navalny, who was flown of Russian President Vladimir economic cooperation with initial assessment that the op- line,calling proposals forGer- investigateMr. Navalny’spoi- to Berlin fortreatment with Putin,was flowntoBerlin, and Russia. “Our opinionisthat it position politician wassuffer- manytorethink itscoopera- soning,aspokesman forthe thehelp of the German gov- with Russia showing little in- must be finished.…It’s a proj- ing from some metabolic im- tion with Moscow absurd. German leader said. ernment on Aug.22, could still terest in investigating the ectbyeconomic actorsfrom balance, such as lowblood “Keeping in mind the im- Germany’sreaction would suffer long-term damage, the case,membersofMs. Merkel’s Russia and Europe,” she told a sugar. portance of this situation, we depend on Russia’s actions in hospital said. He is nowbeing cabinet including Foreign Min- news conferencewhen asked if Mr. Navalny, who fell criti- believethe information [on the coming days, the spokes- weaned off mechanical venti- ister HeikoMaas and several work on NordStream 2should cally ill while on boardado- Mr.Navalny] will be handed man said. lation as his condition im- lawmakersonboth sides of be halted. mestic commercial flight in over in the coming days,” Mr. Berlin’sCharité hospital said proves,according to the clinic. the aisle said the NordStream NordStream 2, running Russia, wasbriefly treated at a Peskov said. “We’rewaiting Mr.Navalnyhad been awak- Thecase brought anew low 2 project should be reconsid- alongside an older pipeline on local hospital beforebeing for it very expectantly.” ened from acoma and wasre- in relations between Berlin ered or abandoned. the same route, is set to dou- transferred to Germanyatthe Mr. Peskov said an investi- sponsive. German scientists and Moscow, which have rap- Until Monday, Ms.Merkel bleMoscow’s gasexportsto request of his family afterMs. gation could be started if Mos- determined last week that the idly deteriorated sinceRussia’s had rejected anysuch sugges- Germany. The project is near- Merkel suggested the move. cow receives information on opposition figure had been poi- invasion and partial annexa- tion. On Aug. 28, she said the ing completion but is cur- He underwent tests at Ber- what exact substanceGerman soned with Novichok,aSoviet- tion of Ukraine in 2014. issue of Mr.Navalny’spoison- rently suffering delays because lin’sCharité hospital, which doctorsconcluded had poi- eramilitary-grade nerveagent. AfterMr. Navalny, acritic ing should be decoupled from of U.S. sanctions imposed in sent medical samples to clinics soned Mr. Navalny. Saudi CourtCuts GES

IMA Sentences for GETTY SE/ KhashoggiKillers ANCE-PRES FR BY STEPHEN KALIN heir has shown little tolerance

ENCE fordissent among ordinary AG RIYADH, Saudi Arabia—A Saudis or former topofficials. ON/ Saudi court reduced the death Mr.Khashoggi waskilled and GAP sentences of five men convicted his body dismembered by Saudi GEI in the killing of dissident jour- agentsduring an October 2018 SER nalist Jamal Khashoggi to 20- visit to the kingdom’sconsulate S; year prison terms and handed wherehewas seeking papers PRES shorter sentences to three other needed to marryhis Turkish fi-

ZUMA nationals,inacase that drovea ancée, HaticeCengiz.

S/ wedgebetween Saudi Arabia’s “Everyone knows that Jamal AS

/T heir-apparent and the West. Khashoggi’sreal killersare not Thepublic prosecutor de- theeight who were convicted YLEV clared the case closed nearly and imprisoned, but those who BOB two yearsafter Mr.Khashoggi planned, decided and gavethe GEI waskilled at the Saudi Consul- orderstoassassinatehim in SER

P: ateinIstanbul, undermining this hideousway,” Ms.Cengiz TO CrownPrinceMohammed bin tweeted on Mondayfollowing OM

FR Salman’s reputation among the public prosecutor’s state- Thousands marched in Minsk on Sundayasauthorities cracked down on weeksofprotestsagainstauthoritarian leader Alexander Lukashenko, some of Saudi Arabia’smost ment. importantinternational part- The killing evoked an inter- nersand imperiling his eco- national outcry over Saudi Ara- Belarus Opposition Leader Seized nomic-overhaul program,de- bia’shuman-rightsrecordand spitehis continued support slowedforeign investmentsin from President Trump. the kingdom. Supportersof BY GEORGI KANTCHEV grounds in Belarus, including Belarusian authorities said. Those convicted had been PrinceMohammed contend it is this morning’s brutal actions Roughly 7,000 people were expected to avoid execution af- time to moveonfromone of ABelarus opposition leader against Andrei Yahorau, Irina detained forprotesting afterthe terMr. Khashoggi’seldest son the most controversial chapters has been abducted, an opposi- Sukhiy &Maria Kalesnikova, election, and nearly all were re- said in Mayhis family had for- of Al Saud family rule. tion council said, raising fears areunacceptable,” EU foreign- leased. Human-rightsresearch- given the killers,but the deci- In the murder,ateam of that government authorities policychief Josep Borrell said erssaid they have documented sion is unlikely to silencecalls Saudi operatives flew to Istan- arestepping up effortsto in a tweet, using an alternate more than 500 cases of people foraccountability,including bul and dismembered Mr. crack down on the protest spelling of the opposition being beaten and tortured while from influential membersof Khashoggi’sbody inside the movement afternearly a leader’s name.“State authori- detained by security forces or Congresswho have mulled a month of rallies against the ties must stop intimidating at detention centers. broadre-evaluation of the de- disputed election of longtime citizens & violating their own Sincethen, authorities have cades-old U.S.-Saudi alliance. Crown Prince leader Alexander Lukashenko. laws and int. obligations.” employed lessviolent methods PrinceMohammed, the king- Mohammed The opposition’s Coordina- Ms.Kalesnikava has been but amoretargetedapproach, dom’sday-to-dayruler,has bin Salman tion Councilsaid the leader, instrumental in leading the by detaining or harassing struggled to repair his battered retains MariaKalesnikava,and two monthslong protests,which leading opposition members. imageahead of the summit of support from other membersofthe panel have mushroomed intothe “Instead of talking to the G-20 leaders, which Saudi Ara- President were kidnapped by unknown Maria Kalesnikavaissaid to have biggest challengetoMr. Lu- people of #Belarus,the outgo- biaisset to host in November. Trump. people in the center of Minsk. disappeared in Minsk on Monday. kashenko’s26-year reign over ing leadership is trying cyni- He hasn’t returned to the U.S. Earlier,the independent Belar- the former Soviet state, a cally eliminateone by one,” sincethe killing,following usian Tut.by news website opposition members, Russia’s close Russian ally. Lithuanian Foreign Minister whirlwind visitstoshowcase consulate. Saudi officials ini- cited awitnesssaying masked Interfax news agencyreported. On Sunday, tens of thou- Linas Linkevicius tweeted Mon- his vision forSaudi Arabia and tially denied anyknowledgeof men had bundled Ms.Kale- Theministrydidn’t respond to sands of people,manydraped dayabout what he called the to pitch forinvestments. the killing and claimed the jour- snikava intoaminibus and arequest forcomment. in the red-and-whiteflag of kidnapping of Ms.Kalesnikava. Mr.Trump has stood by nalist had leftthe building driven her off early Monday. The reports drew condem- theopposition, marched in “Stalinist NKVD methods are PrinceMohammed, despitethe safely. TheBelarusian Interior Min- nation from the European Minsk,demanding Mr.Lukash- being applied in 21st century’s Central IntelligenceAgency’s Asecretivetrial in Riyadh istrysaid it had no information Union. “Arbitrary arrests and enkostepdown. Security Europe,” he said, referring to assessment that he likely or- wasmeant to showSaudi Ara- on the alleged detentions of kidnappingsonpolitical forces detained 633 protesters, the Soviet security agency. dered the killing.The princehas bia’sability to deliver account- denied that, but said that as de ability,but human-rightsgroups factoleader he bearsultimate denounced it as acoverup. responsibility forMr. Eleven people were put on AssangeBid to DelayExtradition Hearing Fails Khashoggi’sdeath. trial, but three were later re- Agnes Callamard, the U.N.’s leased,including former deputy BY JASON DOUGLAS exposed wrongdoing by the journment and shouldn’t have charged. special rapporteur on extrajudi- intelligencechief Ahmed al-As- U.S. and other governments. done so onceproceedings He is alleged between 2007 cial killingswho has called for siri, who is close to PrinceMo- LONDON—ABritish judgere- Thelateststage of the hear- were again under way.“The and 2015 to have encouraged PrinceMohammed and other hammed. Saud al-Qahtani, top fused arequest by lawyersact- ing,which had been due to take defense have had ample time and assisted hackersaffiliated senior officials to be investi- royaladviser, wasnever ing forJulian Assangetoad- placeinMay but waspushed to return to court and explain with the groups Anonymous gated, said the final Saudi rul- chargedortried. He wasfired journ his extradition hearing back when anationwide lock- that they had insufficient and LulzSec to obtain classi- ingslacked legal and moral le- from his position in the Saudi until next year,asthe WikiLeaks down to halt the coronavirus time,” she said. fied information published by gitimacy. RoyalCourt following the kill- founder’s fight against extradi- disrupted British courts, began TheU.S.case is that Mr.As- WikiLeaks,and to have played “They came at the end of a ing but continued to playanin- tion to the U.S. resumed after on Mondayand is scheduled to sange brokethe lawbysolicit- arole in helping Edward processwhich wasneither fair, formal advisoryrole,U.S.offi- months of delaycaused by the last several weeks.Lawyerssay ing classified materialfrom Snowden, a National Security nor just, or transparent,” she cials have said. coronavirus pandemic. they would expect either side to former U.S. Army intelligence Agencycontractor who in 2013 said. “These verdictscannot be Saudi authorities have never Mr.Assange, a49-year-old appeal the initial ruling,mean- analyst Chelsea Manning and leaked details of clandestine allowedtowhitewash what publicly named those who were Australian, is wanted in the U.S. ing afinal decision on Mr.As- by helpingher crack apass- surveillanceprograms to the happened.” convicted of the killing.People on 18 chargesofbreaking espi- sange’sextraditionmay not be word to obtain that material. press, to evade arrest. Themurder of Mr. familiar with theproceedings onagelaws and conspiring to made until next year or 2022. Publication of the diplomatic Mr.Assangeformally re- Khashoggi, awell-known critic have said they arelow-level of- hack amilitarycomputer.The Mark Summers, alawyer cables and militarylogsshe fused the U.S. extradition re- of the kingdom’sleadership ficials,some with ties to Prince allegedoffenses relatetothe representing Mr.Assange, on provided endangered the lives quest in court on Monday. He who had fled fearing arrest and Mohammed, who flew intoTur- publication in 2010 and 2011 by Monday asked the court foran of U.S. intelligencesources, denies he solicitedanything later wrotecolumns forthe key forthe operation. WikiLeaks of ahugetrove of adjournment until Januaryto the U.S. government alleges. from Ms.Manning or helped WashingtonPost, came amid a On Monday, Turkey said the classified material that painted givethe defense time to answer In June,the JusticeDepart- her steal classified files.The crackdown on critics of the verdict fell short and leftmany ableak pictureofthe American fresh allegations against the ment issued afresh indictment defense argues that Mr.As- crownprince. Theclampdown questions unanswered. “Westill campaigns in Iraq and Afghani- WikiLeaks founder presented by that included new allegations sange’sprosecution is politi- has included the arrestsofac- don’t knowwhat happened to stan and their aftermath. the JusticeDepartment in June. that broadened the scope,the cally motivated, apotential tivists, intellectuals and clerics. Khashoggi’sbody,who wanted Mr.Assangehas repeatedly District Judge Vanessa Ba- department said, of the con- bar to extradition under a bi- It has coincided with Prince him dead or if therewerelocal defended his work and the raitser refused, saying the de- spiracysurrounding alleged lateral treaty between the U.S. Mohammed’scampaign to ease collaborators,” Fahrettin Altun, widerWikiLeaks project as fense has had ample time computer intrusions with and U.K. that governs extradi- some of the country’sconserva- Turkey’s presidential communi- public-interest journalism that sinceJune to request an ad- which Mr.Assangehas been tion requests. tivesocial rules,but the Saudi cations director,said. P2JW252000-0-A008A0-1------NS

THE WALL STREET JOURNAL. NY Tuesday, September 8, 2020 | A8A

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THE WALL STREET JOURNAL. ****** Tuesday, September 8, 2020 | A9 WORLD NEWS China Exports Beijing Sets Policy Accelerate, On Data Top Forecasts Security BY CHUN HAN WONG S BY JONATHAN CHENG hasbeen China’soutbound HONG KONG—China is PRES shipments of coronavirus-re- launching itsown initiativeto

BEIJING—China’sexport lated medical supplies,includ- ZUMA set global standards on datase-

machine gained steam in Au- ing facemasks,though econo- IA/ curity,countering U.S. efforts AS

gust as countries gradually re- mistsexpect the momentum A to persuade like-minded coun- IP

covering from coronavirus to slowinthe coming months /S tries to ringfencetheir net- lockdowns,including the U.S., as other countries resume pro- works from Chinese technology. snapped up moreChinese- duction. Electronic goods have Announcing the initiativeon JINGANG made goods. also fared well as swaths of TuesdayataBeijing seminar

Outbound shipmentsfrom the developed world shiftedto ZHANG on global digital governance, China rose 9.5% in August online work,said Xing Zha- The Shandong Pilot Free Trade Zone has helped China boost commerce since it was launched a year ago. Chinese Foreign Minister Wang from ayear earlier,beating openg, an economist with Yi cited growing risks to data July’s 7. 2% increase and econ- ANZ, an investment bank. security and what he character- omists’ median forecast for Beyond those two areas of Foreign Reporters tinue working with their expired Normally,aChinese press ized as effortstopoliticizese- 7. 3% growth, data released by strength, however, other export presscredentials fornow. cardhas to be renewedfor avisa curity issues andsmear rival the General Administration of categories continued to be just Are Left in Limbo “The relevant measures are to be issued. countries on technologymat- Customs showed on Monday. lukewarm, which could mean a response to the measures Twoofthe reporters, Mr.Cul- ters—in an apparent swipe at August marked the third China’soutperformanceonex- the U.S. side took against jour- verand Journal senior correspon- Washington. consecutivemonth that portscould fade,Mr. Xing said. Chinese authorities haven’t nalists at Chinese media,” Chi- dentJeremyPage, were told To counter such challenges, China’sexportsoutpaced In the coming months, renewed expiring press creden- nese Foreign Ministry spokes- their visas were being renewed “itisimportant to develop a thoseofthe year-earlier China’sexportersare likely to tials for at least five reporters man Zhao Lijian at a regular but cut to two-month terms set of international rules on month. It marks a stark turn- faceincreased competition working for U.S. media outlets, press briefing on Monday. from one year previously. data security that reflect the around from thestart of the from countries such as Viet- the latest escalation in a back- CNN reported Sunday that China’s latest move comes will and respect the interestsof year,when the pandemic crip- nam and South Korea, some of and-forth over journalist visas its correspondent David Culver as the U.S. has yet to formally all countries,” Mr.Wang said, pled China’sfactories and which have overcome the as relations between the U.S. is among those affected by the renew the work visas of U.S.- according to atranscript of his global shipping networks. worstofthe pandemic and are and China deteriorate. move. On Monday, Bloomberg based Chinese journalists, for speech published by China’s In the depths of the corona- quickly ramping up production Beijing has issued special let- News said two of its reporters whom a three-month grace pe- Foreign Ministry. virus pandemic,economistshad capacity again, says Ning ters to the journalists, one of in China had also received spe- riod expires in early November, Beijing’sinitiativecomes predicted the export sector Zhang, an economist at UBS. whom worksfor The Wall Street cial letters instead of renewed according to people familiar amid heightened tensions with would be among the hardest-hit “For low- andmiddle-end Journal, thatallowthem to con- press credentials. with the issue. Washingtonover issues includ- in China’seconomy, as coun- products, these exportersmay ing trade and technological triesshut their bordersand gradually regain market competition,which has raised global demand dropped. share” from China, Mr. Zhang Evans-Pritchard, an economist creased infrastructureinvest- That is partly because of the thespecter of an increasingly Instead, Chinese exporters, said. at Capital Economics. ment at home and itstrade- sudden drop in exportsthe bifurcatedinternet. aided by the government’s China’simports, meanwhile, “Imports aredoing just as deal commitment to buy more previousyear as the U.S.- In recent months,the Trump heavy-handed but effective fell 2.1% in August from ayear well as exports once price ef- U.S. energy and farm products. China trade warintensified, administration has takensteps control of the coronavirus and earlier,worse than July’s 1.4% fectsare adjusted for,” Mr.Ev- China’simportsfromthe said Mr. Zhang of UBS. to curtail what it describes as itspolicies to support the econ- year-over-year drop and econ- ans-Pritchardsaid. He esti- U.S. rose 1.8% in August from The increased flow of Chi- national-security threatsfrom omy, managed to grab agreater omists’ expectations fora0.2% mated that by volume,imports a year earlier in dollar terms, nese goods to the U.S. in Au- Chinese tech firms like Huawei shareofglobal exportsinthe fall. The steep drop-off in im- actually rose 9.5% in August slowerthan July’s 3.6% in- gust widened the trade gap Technologies Co.and popular second quarter,while other ex- portswas mainly because of from last year. crease. between the world’stwo larg- Chineseapps including Byte- porting countries remained lowcommodity prices and a Chinahas stepped up pur- However, Chinese exports est economies to $34.24bil- Dance Ltd.’s TikTok and Ten- paralyzedbythe pandemic. high-basecomparison from chases of commodities in to the U.S. jumped 20% in Au- lion, the largest margin in al- cent Holdings Ltd.’s WeChat. Key to the export recovery the previous year, said Julian global marketsthanks to in- gust, up from 12.6% in July. most two years. Chinese officials,meanwhile, have accused the U.S. of impos- ing adouble standardand of WORLDWATCH trying to sabotagethe efforts of Chinesebusinesses to ex- pand. ISRAEL TheChinese initiativecomes about amonth afterU.S.Secre- OvernightCurfew Set tary of State MikePompeo an- As Infections Surge nounced the Clean Network program,which would exclude Israel plans to impose night- Chinese telecommunications time curfews and close schools firms,apps,cloud providers in dozens of cities and towns hit andundersea cables from in- hard by the coronavirus, as ternet infrastructureused by Prime Minister Benjamin Netan- theU.S.and other countries. yahu faces growing pressure to Under itsnew “Global Initia- contain a surge in infections. tiveonDataSecurity,” China The curfews take effect would call on all countries to Tuesday and last from 7 p.m. to GES handle datasecurity in a“com- 5 a.m., according to officials, who IMA prehensive, objectiveand evi- didn’t specify how long they will dence-based manner” and remain in effect. Schools will GETTY maintain an open, secureand SE/ close starting Wednesday in stable supply chain forinfor- these areas, they said. mationand communications

The restrictions come as Is- ANCE-PRES technologyand services,ac-

rael prepares for the Jewish FR cording to atextreleased by New Year holidays this month, a the Chinese Foreign Ministry. GENCE

period of travel and social gath- /A It also would urge govern- erings that officials fear could mentstorespect other coun- ENCY

further spread the virus after a AG tries’ sovereignty in howthey sharp rise in recent weeks. S handle data—in line with Bei-

Mr. Netanyahu’s government NEW jing’svision of “cyber sover- initially voted to impose a full eignty,” whereby countries ex- NHAP

lockdown on the nine or 10 YO ercise full control over their most virus-ridden cities and SWAMPED: Typhoon Haishen damaged buildings, flooded roads and knocked out powertothousands in South KoreaonMondayafter battering owncornersofthe internet. towns, on the recommendation islands in southern Japan, killing one person and injuring dozens. Above,the swollen Taehwa River in Ulsan, South Korea. Theinitiativedoesn’t men- of the new coronavirus czar, tion theU.S.orits Clean Net- Ronni Gamzu. Most are domi- MALI LEBANON era indicated breathing. Several transgender Filipino woman. work program. Mr.Wang none- nated by either ultra-Orthodox people remain unaccounted for Mr.Dutertesaid he decided to thelessmade it clear in his or Arab communities, who often TwoFrench Soldiers Search For Possible in the blast that killed at least pardon LanceCpl. Joseph Scott announcement that the move live in the poorest and most Killed in Bomb Attack Blast Survivor Ends 190 people Aug. 4. Pemberton because the Marine comes in response to the White crowded areas of the country. —Raja Abdulrahim wasn’ttreated fairly by oppo- House effort. On Sunday, Mr. Netanyahu TwoFrench soldiers were The search for a possible sur- nents who blocked his early re- “Bent on unilateral acts, a changed tack after facing push- killed in Mali on Saturdaywhen vivor of the Beirut port explo- PHILIPPINES lease forgood conduct. Mr.Pem- certain countrykeeps making back from ultra-Orthodox may- their vehicle hit abomb during sion was ended after more than berton wasconvicted of homicide groundlessaccusations against ors, who said their offices would operations under France’scoun- three days of combing through U.S. Marine Pardoned and has been serving aterm of othersinthe name of ‘clean’ not comply. His government in- terterrorism mission in Africa’s the rubble of a collapsed build- In Transgender Killing six to 10 years forthe killing of network and used security as a stead decided to impose an Sahel region. Francehas around ing by a Chilean rescue team. Jennifer Laude. Her family de- pretexttopreyonenterprises overnight curfew and close 5,100 soldiers in the region fight- A sniffer dog first alerted PresidentRodrigo Dutertepar- nounced the pardon as an injus- of other countries who have a schools in about 40 cities and ing jihadists in Mali, Niger, members of the team that doned aU.S. Marine in asurprise tice, including to the LGBTQcom- competitiveedge,” Mr.Wang towns with high infection rates. Burkina Faso and elsewhere. someone might be in the rubble move thatwill free him from munity, afamily lawyer said. said, according to the tran- —Dov Lieber —Matthew Dalton and a sensor and thermal cam- prison in the 2014 killing of a —Associated Press script. FROM PAGE ONE

prompted Boeing to take the about two weeks. of itsnarrow-body 737MAX. jet’searly years, but said the to implementation intothe Boeing unusual step in lateAugust to ABoeing spokesman said Thecrashes took 346 lives. analysis wascontinuing. production process” and lacked voluntarily tell airlines to the plane maker is conducting a TheBoeing spokesman said TheFAA,aperson briefed aquality check to verifythe fi- ground eight of their 787s for thorough reviewtounderstand anew internal safety-review on the agency’sdeliberations nal product “meetsthe engi- FacesProbe immediaterepairs. Sincethen, the cause of the two defects process put in place after the said,isfocused on identifying neering requirements,” accord- Boeing has publicly confirmed and is inspecting newly pro- MAXcrashes worked as in- howthe manufacturing break- ing to the FAAmemo.“Boeing the eight planes weren’t safe duced airplanes beforedelivery. tended. He added that the downs occurred, whyBoeing’s has acknowledged aprocess Over Safety to remain in service. Thecompanyhas fully briefed companytook proactivesteps computerized safeguards failed that produces nonconforming Both defectstogether led the FAAand is working closely to address the problems. to flag mismatches between products” and is working to Boeing to determine the eight with regulators, he added. Stepped-up safety inspec- the partsthat failed to meet changethat, the memo adds. ContinuedfromPageOne jetsdidn’t meet structural- Theagency’shigh-level re- tions and repairscould disrupt design standardsand what According the memo, Boe- that the agency’sconcerns are soundness“requirementsfor viewincludes analyses of data airline maintenanceschedules changes arerequired to ensure ing’srequest formoretime to significant. safeflight and landing,” accord- and production parts. On Mon- and passenger flight schedules. the 787fleet’scontinued safety. resolvesome issues “adds to Boeing has told regulatorsa ing to the FAAmemo,which day, afterthis article waspub- Deliberations about man- As Boeing engineerscomb the risk of the fleet.” defect resulting from the qual- summarized the status of the lished, the FAAreleased astate- dated inspections and how through recordstoidentity Boeing identified the sus- ity lapse doesn’t pose an im- agency’s examination of the is- ment saying it “isinvestigating manyDreamlinersmight be planes with possible flaws, the pect shims in August 2019 and mediate safety threat to Boe- sue.Boeing also determined the manufacturing flawsaffecting coveredhavebeen under way FAAhas learned what immediately reactivated acom- ing’sflagship fleet of second defect by itself doesn’t certain Boeing 787jetliners,” inside the FAA for months, prompted one of the defects: puterized quality check that Dreamliners, people familiar pose an imminent safety hazard. and adding that “itistoo early people familiar with the mat- Theplane maker didn’t test identifies improper shims that with the mattersaid. The The extent of FAA scrutiny to speculateabout the nature tersaid. Such adirective howitproduces shims,orma- had been turned off,the person wide-body jets have an excel- of Dreamliner production or extent of anyproposed air- would target excessive terial that fills gaps between familiar with Boeing’sinternal lent safety record and arefre- lapses and the period it covers worthinessdirectives that stresses that could cause pre- barrel-shaped sections of the reviewsaid. Thesecond defect, quently used on international haven’t been reported previ- might arise” from the probe. maturematerialfatigueaffect- jets’ fuselages, to ensure they which this person said Boeing routes. Regulators aren’t pre- ously.The Air Current, atrade Themanufacturing slip-ups ing the carbon compositeparts meet requirements, according detected in August as part of paring immediateaction and publication, earlier reported mark the latest production that fitbehind the passenger to the FAAmemo.The shims an internal review, stems from haven’t publicly signaled what the factorylapses and August problems for the troubled plane cabin. Aperson familiar with areproduced at Boeing’s variations in the smoothnessof steps they might take. groundingsofthe eight makerand present atest for Boeing’sinternal reviewon Dreamliner factoryinNorth the interior fuselageskin near But that slip-up combined planes,which areslated to end Chief ExecutiveDavid Calhoun Sundaysaid thereisnoindica- Charleston, S.C. the rear of the planes. with another recently discov- when Boeing-led teams com- andarevampedsafety-review tion at this point suggesting Boeing’sprocess to generate —Doug Cameron ered assembly-line defect pletefixes expected to take processafter two fatal accidents the defectsstretch back to the shims was“not validated prior contributed to this article. P2JW252000-2-A01000-1------XA

A10 | Tuesday, September 8, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

days,and newsheetsafter a up to drynexttothe windows. TheRitz-Carlton didn’t re- in thequarantine lottery. Some Win week.Lottery losersmight get To entertain him, she blewhim spond to arequest forcom- KetanMangal arrived from two weeks cooped up in bubbles and balloons,and let ment. India recently to resume work cramped quartersinsmaller himfrolic in the big tub. TanYen Nee,the Singapore as an IT sales manager.The 38- At Hotel hotels,travelerssay.Rooms Barbara Voskamp,a44- Tourism Board’sdirector of ho- year-old said he found win- mightbeequipped with little year-old lawyer from the Neth- teland sector manpower, said dows that didn’t open, among morethan abed, desk and erlands who nowlives in Singa- travelerswereassigned hotels other complaints. Virtually ev- Lockdown chair,and therecan sometimes pore, returned in lateAugust based on factorssuch as timing erymeal had the same ingredi- be little or no choicefor meals, with two of her children, aged and hotel occupancy. She said ents, and he threw out most of they say. 10 and 12, aftervisiting her some special requestshad been the food, he said. ContinuedfromPageOne Jessie Ling,a41-year-old mother.She gother husband, granted, including allowing ar- Ron Kaufman, a64-year-old to spend 14 days holed up in a consultant, wasput up at the who had stayed in Singapore rivees and emotional-support author and customer-service hotel room. No one has any glitzy Marina BaySands Hotel with theirtwo other children, animals“to stay together at a consultant, and his wife, Jenny choice in wherethey go and earlier this summer aftercom- to bring wetwipes,asponge, pet-friendly hotel.” She said Kaufman, returned from Brazil bus driversshuttling travelers ing from Dubai. She wasim- cleaning sprays,fresh fruit and If you must quarantine guidelines forthe hotels in- viaLondon in March. They got from the airport won’t say pressed with the wide selection even avacuum cleaner.Her volved includemeasures to en- atinyroom in athree-star ho- wherethey areheaded. and quality of the food. “I fin- five-star hotel’sfierce air-con- til they provevirus-free. sureasafeenvironment for teloverlooking aparking ga- Forsome that means staying ished everydessert,” she said. ditioning seemed impervious to Most arrivals paythe equiv- guestsand staff,security pro- rage,with awindowthat didn’t somewherewith marble bath- “And I’m not adessert person.” the room’stemperaturecon- alent of about $1,460 per per- tocols,and infection-control open, and ashower, he said. rooms,big televisions and dra- On arrival, she said, staff trols,soher spouse also son per room, forthe 14 days, measures and precautions. Only onecomputer would fit matic views,and which might warned her: “The keycard can brought warm clothes,al- plus $146 foraCovid-19 test Singaporehas had more on the table in the room, so his runupwardof$400 anight, only work once. If youleave though outside it wasmore during their stay. than 57,000 coronavirus infec- wife used asuitcase with alug- forafraction of that or even the room, youcan’t enter than 86 degrees Fahrenheit. “It Some local residentspay tions, and 27 deaths,out of a gage rack as asecond desk. free. again.” Thehotel declined to is so cold inside.We’reall nothing, if they had leftSinga- population of about 5.7million. “AsIimagined us staying in It is still far from afull five- comment and said it is no lon- wearing our ski jackets,” she porebeforethe coronavirus be- Gatheringsofmorethan five anicer space, Icould feel my star experience. Guestscan’t gerused forthe 14-dayquaran- said. ganspreading widely.Incon- arebanned, facemasks are spirit crumble,” he said. “Then leave their rooms,and thereis tine forreturning travelers. Thequarantine rules apply trast, the cheapest room mandatoryoutdoors, and most Isaw an ambulancepull up to no housekeeping.Hotel staff Mrs. VanDee,the interior to people arriving from all but available on Booking.com for people must still work from take someone out of the hotel drop meals off outside guests’ designer,said she washed her afew countries,and Singa- twoweeks at the Ritz-Carlton home,though all schools have forfurther medical care,and doors. In manyhotels,guests young son’sclothes in the Ritz- pore’sgovernment says this is in early October costsnearly reopened. went back to counting my getfresh towels everythree Carlton bathtub and hung them effectiveinisolating people un- $5,850 with taxesand fees. Others were lessfortunate blessings.”

Thecluster suggested the came asecond wave:Hegot Wily Virus virushad adangerous trait, chills andaform of pneumo- Dr.Yuen said: It wasspreading nia. He thinks his body washit between humans. by aso-called cytokine storm, Outpaces He shared his findingswith aside effect in which the expertsfromthe Chinese Cen- body’s immune system goes terfor Disease Control and into overdriveand attacks Science Prevention,adding to agrow- morethan just the invader. ing body of evidencethat led Prof.Larson tested positive China to confirm to the world forantibodies,suggesting she ContinuedfromPageOne that the virus wasleaping wasalso avictim, but her lion confirmed cases so far. from person to person. symptoms were different, too: Doctorslong expected the JOURNAL conjunctivitis and splitting

advent of such avirus,but REET headaches. “This virus is re- even so,the shrewdnessofthe Aborrowedlife ST ally diabolical, it came likea coronavirus caught manyby All told, thereare morevi- LL thief in the night with an insa- WA surprise, and goes a long way ruses than starsinthe known tiable appetitefor victims to THE

to explaining howthe world universe.Trillions upon tril- R devour,” Dr.Piot said. “It be- has struggled to contain it lions of viruses float in the air FO havesunlikeany other virus.” ever since. and ride on the clouds.Scien- EID Thevirus has infected mil-

“Weunderestimated it,” tists at the University of Brit- OOD lions of people who never got said PeterPiot,the head of ish Columbia estimatethat sick or were only mildly ill, KHOL the London School of Hygiene 800 million viruses rain onto Melissa Marton and Robert Furatero at the New York Genome Center. which allowedittoreproduce &Tropical Medicine and aco- everysquaremeter of the while itsvictims spread it in discoverer of Ebola, who fell planet everyday.Acoronavi- ever-wideningcircles. victim to the coronavirus him- rusitself is so small that 500 From BattoHuman In the early days of the self in March. of them could fitwithin the pandemic,researchersthought SARS-CoV-2isverysimilar to known SARS-relatedcoronaviruses in bats, especially horseshoe Modern travel made it easy diameter of ahuman hair. children might be lessaffected bats. It is believedthatabat virus mutatedinorder to infecthumans. forthe newcoronavirus to Manyscientistscan’t decide by the coronavirus,with lower spread to frequent fliers. It whether avirus is actually Batrespiratory tract Possible coronavirus mutation Humantohuman ratesofhospitalization and slipped unnoticed aboarda aliveinany conventional fewdeaths.But the very cruise ship in Japan and into sense.All viruses lead akind young aremorevulnerable Zumba classes in South Korea. of borrowedlife, chemistssay. Protein than initially suspected. It infected mournersatafu- They areasubmicroscopic es- By theend of July,nearly neral in suburban NewYork,a senceofthe need to reproduce Gene 340,000 children in the U.S. choir in Skagit County,Wash., that by natureisatcross-pur- had tested positivefor and studentsonspring break poses with humankind. Covid-19,or8.8%ofall re- in Florida. “Viruses don’tthink.They Cell ported cases.Noone is sure Initially,itwas widely be- don’t have desires,” said Co- yethow readily children trans- lieved the virus made itshome lumbia University virologist mit the virus or whether they in bats, which harbor hun- Angela Rasmussen. arehighly contagious when The batvirus attachedtocells Scientists suspect the batvirus Afterhuman infection, the dreds of different kinds of cor- In the absenceofdesire, they shownosymptoms. in abat’s respiratorytract. mutatedtobecome able to virus wasfreetoreplicate onaviruses.But it ventured they have purpose: to spread, Thevirus’sown internal infectanintermediate host, such and infectothersthrough intonew species. multiply and survive. chemistryalone wasn’t as acivet or pangolin, before coughing, sneezing and In Hong Kong,Yuen Kwok- SARS-CoV-2 isn’t the first enough to account forsomuch mutating again to become able other contact. yung had been waiting more virus to have itsimpact broad- variation of symptoms,sever- to infecthumans,inaprocess than adecade foravirus like ened by travel.Smallpox, ity and deaths. calledspillover. this to surface. which killed 300 million peo- The63-year-old infectious pleormoreinthe 20th cen- Sources: TimothySheahan, UniversityofNorth Carolina, National Institutes of Health diseases professor at the Uni- turyalone,first traversed the Forensics team versity of Hong Kong became world by sailing with the Vi- ized that SARS-CoV-2 usually Bewildering what kind of effect ameeting Thereisnoshortageofpos- enthralled with bat coronavi- kingsathousand yearsago, seeks out type II lung cells in with it would have:Maybe you sible contributing causes: old ruses sincemaking the con- newresearch intothe history the people it hijacks.These complications will be unscathed, but maybe age, gender,underlying nection between batsand the of epidemics suggests. coat membranes lining the Doctors who firstencoun- youwould die,” said Univer- chronic diseases such as dia- original SARS outbreak in Thecoronavirus belongsto nose,throat and sinuses,and tereditdiagnosed it as are- sity of Oxford vaccine expert betes,lack of health care and 2003,which wascaused by a acategoryofviruses that into the lungs. Thecoronavi- spiratoryvirus.They looked SarahGilbert. poor diet.Investigatorsalso related coronavirus.Hework by transmitting chemical ruspries the cells open with a forsymptoms of fever, cough HeidiLarson firstmet the turned their attention to gene amassed adatabaseofanimal code,called RNA,sealed inside molecular structurecalled a andshortnessofbreath.But virus when her husband variations that might make surveillance, showing 39% of aprotectiveprotein envelope. spikeprotein that it uses like Covid-19 triggeredbewildering started feeling lethargic and some uniquely vulnerable. Chinesehorseshoe batscould RNA is anucleic acid present acrowbar to forceentry. In complications. feverish. He lost his appetite “The immune system in be harboring SARS-related in all living cells that usually images that scientistsmade to People complained of nau- andstruggled to liftaspoon. people is as diverse as beauty, coronaviruses.In2007,he acts as amessenger to relay study it, the round virus bris- sea or diarrhea. Some had ar- When she touched his fore- height, intelligenceand any wroteinClinical Microbiology genetic instructions in DNA, tles with spikes.The spike rhythmias or even heart at- head, it burned. “But fevercan otherhuman feature,” said Reviewsthat those findings telling the cells what to do. protein locks ontoareceptor tacks.Some suffered kidney mean manythings,” she said. molecular immunologist represented “a time bomb.” Oncethe virus gets inside a called the angiotensin-con- damage or liver failure. Some Prof.Larson, an anthropolo- Michel Nussenzweig at Rocke- Bats’cells cansurvive host cell, it seizes the cell’sre- verting enzyme 2, or ACE-2, lost their sense of smell or gist specializing in vaccines, feller University in NewYork. surgesinmetabolism—their productivemachinery. which typically regulates a has survived typhoid in Nepal “Not everybody is the same in hearts cangofrom10beatsa Without that maneuver,the protein that increases blood and eosinophilic meningitis in their ability to fight infection.” minuteduring hibernation to coronavirus is impotent. It pressure and inflammation. ‘Every two weeks or Fiji. Her husband is 71-year- At Rockefeller and the New 1,000 beatsinflight. It is could never reproduceand Researchersatthe Francis old Dr.Piot, the virus hunter York Genome Center,scien- thoughttheir constitution churn out the millions of new Crick InstituteinLondon used so, it seems that the who co-discovered Ebola. With tistsare comparing the entire makes them ideally suited to coronavirus cells in aspread- atechnique called cryo-elec- virus picks up a new no signs of Dr.Piot’sfever genomes of those most se- be areservoir whereavirus ing infection. When it kills,it tron microscopy to compare subsiding over the course of a verely affected by the corona- canstay, biding itstime before is almost out of carelessness. this structuretothe spikepro- mutation.’ week,their suspicions began virus to those who experience jumping to another host spe- Itsown survival depends on tein of abat coronavirus most to sink in. Atest confirmed: only mild symptoms—and cies,anevent known as a sparing itsvictims to continue likethat of SARS-CoV-2.They Theman who had spent his then to the coronavirus itself. spillover. as vehicles forits propagation. sawsubtle differences in the life combating viruses was They arepart of anetwork in At the end of December,Dr. While estimates vary spikeofSARS-CoV-2 that taste. Othersturned up at nowbesieged by one. 50 countries that is studying Yuen, who has been known to widely,SARS-CoV-2 appearsto makeitable to bind about clinics with blood clotsor By the 14th day, his fever the newdisease by analyzing showoff his photocollection kill about 0.6% of the people it 1,000 times moretightly to a swollen purple bumps on their spiking,they rushed to the the DNA from millions of peo- of batsincaves,was begin- infects—about six times that human cell than the bat virus, toes. emergencyroom and he was ple.Atthis level of molecular ning to suspect his fearswere of atypical flu. By compari- the scientistssaid. In most countries where immediately admitted. He had biology, the virus and itsvic- realized afterhearing about a son, two other human corona- Once inside ahuman cell, the virus triggeredoutbreaks, no breathing difficulties but tim areone,their genetic ma- mysterypneumonia afflicting viruses arefar morelethal but the newcoronavirus has arare it sent people to the hospital his oxygen saturation levels terial intermingled in atiny patientsaround 600 miles harder to contract. ability to silencealarms that with delirium, blackouts, brain were dangerously low, acondi- vial awaiting processing. away in Wuhan. He warned As David Hui, arespiratory would normally alert the im- inflammation or strokes,re- tion called silent hypoxia. In They canalready tell the vi- Hong Kong officials that disease expert at the Chinese mune system to mobilizeanti- searchersatthe U.K.’s Liver- hismorelucid moments, he rusisevolving. something wascoming,help- University of Hong Kong,said, bodies and virus-killing cells, pool University reported in kept thinking: “It gotme. The “The virus changes on a ing spur the city’s response. it is “mild, until it decides to according to microbiologists TheLancet NeurologyinJuly. virus gotme.” fairly clockwork basis,” said After Chinese officials become nasty.” at the Icahn School of Medi- By coming intocontact with Dr.Piot wasrelieved when computational biologist Mi- posted the gene sequenceof Investigatorsquickly real- cine at Mount Sinai, NewYork. this virus,“youwouldn’t know he wasdischarged. But then chael Zody at the genome cen- the newcoronavirus to share ter. “Everytwo weeks or so,it with scientistsaround the HowSARS-CoV-2Multiplies seems that the virus picks up world on Jan. 12, he and oth- anew mutation.” ersgrewincreasingly sure 1 The virus uses its spike 2 The virus injects its RNA 3 The viral RNA uses 4 Newvirus cells arereleased, Most changes in the coro- wherethe killer came from. It protein to attach to a into the human cell’s the hostcell to sometimes destroying the navirus don’t makeany differ- wassosimilar to known bat receptor calledthe ACE-2 nucleus and takes over. replicateitself. hostcell in the process. encenow.Intime,itispossi- SARS-related coronaviruses,it in ahuman cell and pries blethat some might makeit must have oncebeen one of its way inside. easier to transmit from person them, Dr.Yuen said. to person or become deadlier. Butaround the same time Viral RNA So far,morethan 1,200 nat- at theHKU-Shenzhen hospital, Human cell ural variations in coronavirus whereDr. Yuen also heads the strains have been identified. microbiologyand infectious- “Any of these mutations could disease department, six family functionally makethe virus RNA membershad returned to the Virus different,” said Emma Hod- southern Chinese city aftera croftatthe University of Basel visit to Wuhan. They beganto in Switzerland who tracks its feel unwell. Thevirus had got Nucleus global transmission. “But this Receptor to them, from the oldest fam- virus is very young and we ha- ily member,who eventually ven’t seen anyevidenceofthis died, to a10-year-old boy. Source:Genome.gov happening yet.” P2JW252000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, September 8, 2020 | A10A GREATER NEW YORK 9/11 Workers Are Hit Hard by Covid-19

Firstresponders with work since April 1. which turned out to be false. “Myplan wastocontinue Mr.Preston’sphysician at chronic conditions from working till Icould getkids Mount Sinai called him at 5:30 Ground Zero exposure through college without leav- on aSaturday morning in mid- ing them in debt,” said Sgt. March afterreviewing his areespecially vulnerable Holub. “I don’t knowifIwill chart. She urged him to go to be able to do that now.” the emergencyroom, said Mr. BY MELANIE GRAYCE WEST Roughly 400,000 NewYork- Preston, saying his symptoms ers—first responders, resi- were so severethat he should When the new coronavirus dents, workers, studentsand take an ambulancetothe pandemic hitNew York City, others—wereexposed to caus- nearest hospital.

NewYork PoliceDepartment tic dust and toxic pollutantsin N “I’m not getting intoanam-

Sgt. Raymond Holub stocked the 9/11 dust-and-debris cloud, TO bulance,” he recalled telling

up on disinfectantsand bleach according to the U.S. Centers PRES her. So he gotinhis carand

cleaners, scrubbing surfaces at forDisease Control and Pre- TIN drovetothe Mount Sinai in work four times an hour, vention. NewYorkerswho sur- Astoria, Queens.“Ireally MAR washing his hands and keep- vived the attacks and the af- wanted to live!” UB; ing a distance from others. termath suffer from dozens of BrianCurley,55, aretired HOL But Covid-19 sickened him medical conditions,ranging policeofficer,went to ahospi- and othersinhis detail in late from asthma to chronic ob- OND talnear his home in Rockaway, YM

March. Five months later,he structivepulmonarydisease RA Queens,and wasread last still hasn’t fully recovered, in and cancers. These areall dan- : ritesoverthe phone by his part because of underlying gerous underlying conditions LEFT priest during aMarch stay OM

health problems,including a that canmakeacase of FR that lasted morethan aweek. respiratorycondition, from his Covid-19 far moreserious,ac- Sgt. Raymond Holub, left, is a long-haul patient. Martin Preston’s symptoms lingered for months. Working daily forweeks at time spent working 14- to 16- cording to doctorsatthe Ground Zerolefthim with se- hour shifts at Ground Zero in World Trade Center Health population in the program. organtransplant or affect che- ning to really climb in the pop- rious chronic sinus and respi- the aftermath of the Sept. 11, Program at Mount Sinai, part Afterafew calls from ill pa- motherapy,said LauraCrow- ulation, and they couldn’t get ratory conditions,skin cancer 2001, terrorist attacks. of a federal program to track tients in early March, doctors ley, deputy medical director out of the way,” said Dr.Crane. and gastrointestinal problems. Sgt. Holub, 55 years old, is responders’ health. at MountSinai recognized forthe Selikoff Centersfor Oc- Martin Preston, 67, retired He believes he caught part of asmall, particularly Recentdatafromthe Na- that they needed to shifttheir cupational Health at Mount Si- last year from the Department Covid-19 while working at a vulnerable population of New tional Institutefor Occupa- care to screen forCovid-19 nai. Manyare already on mul- of Citywide Administrative barthe weekend of the St. Yorkers who are ill from 9/11- tional Safety and Health, symptoms.They pulled in tiple medications for9/11- Services.OnSept. 11, he was Patrick’s Day parade in Rock- related conditions and suf- which tracks the long-term mental-health practitioners related conditions, she said. at Ground Zero with then- away.Two other co-workers feredsevereillnessfromthe health of morethan 86,000 and respiratoryand pulmo- Some 9/11 responders MayorRudy Giuliani.Mr. Pres- his agewerehome sick for coronavirus.Heavoided the Sept. 11 respondersand survi- nary doctors to help create a quickly became ill as the pan- tonsaid he believes he caught just afew days.Mr. Curley hospital, but months later still vors,showtherehavebeen targeted response. demictook hold, said Michael Covid-19 at aparty in early said he still suffersfrommus- relies on oxygen. His long- more than 1,400 confirmed Responderswho worked on Crane,the medical director of March and had residual symp- cle aches and weakness, some- term prognosis remains un- cases of Covid-19 with nearly the World Trade Center site the WTC Health Program at toms until last month. thing his Mount Sinai doctors clear,and doctorsnow con- 200hospitalizations and 44 arealert to the risk of ill- Mount Sinai. “A lot of them He wassick,had gone to are monitoring. sider him a long-haul patient, deaths.Those numbersonly nesses that might worsen an were on duty in the beginning the doctor and wassent home “I spendmoretime in bed he said. He has been out of reflect asample of the total existing condition, delayan of March, when it wasbegin- with a negative Covid-19 test, than I usually do,” he said. West Indian American Day Parade Turns Into Virtual Celebration Ventilation Woes Keep 10 School Buildings Closed

BY LEE HAWKINS until Sept. 21 averted astrike- authorization vote by union Thedeal reached between delegates and was contingent NewYork City and the teach- on the city’s taking additional ersunion on adelayedreopen- safety measures,including ing of schools still partly ventilation inspections.The hinges on an issue that has deal calls fortesting arandom been on the radar all summer: sample of 10% to 20% of stu- the coronavirus and air quality. dentsand staff at each school Thecity Department of Edu- monthly.While studentsare cation said Mondaythat it is allowed to learn remotely full delaying the reopening of 10 time,city officials have said school buildingsdue to air most children areexpected to qualityand ventilation con- spend one,two or three days a cerns,instructing staff at those week in school buildingsand schools to work temporarily the rest of the time learning from home instead. from home. Thedepartment said it Teachersreturn to class- plans to completeanumber of rooms Tuesday. repairs“within the next couple In aThursdaybriefing, of days,” and that it is identify- Mayor Bill de Blasio said that ON/REUTERS ing alternativespaces at 90% of schools “are ready

APLET schools whererepairscan’t be right now” and that any DOE ST completed by Sept 21, the date buildingsorclassrooms that when in-person instruction is aren’t ready won’t be used.

SHANNON set to begin at city schools. “If there’s a problem, obvi- GOING GREEN: The annual Labor Daycelebration of Caribbean culturebecame avirtual event, due to the coronavirus. Some people “School leaderswill work ously,there’ssome time to fix still gathered early MondayinCrownHeights forthe J’Ouvert party, whereashooting wounded fivepeople, including a6-year-old boy. with Division of School Facili- them,” he said. “But we’ve ties stafftodetermine time- been really clear,iffor any linesfor repairsand the im- reason the classroom’snot pact temporaryroom closures ready forthe firstday of Immigration to City Is Declining, might have on school program- school, it’ll be held back.If ming,” the department said. there’sabuilding with aprob- TheUnited Federation of lem, we either fixthe problem Teachers, which represents or we even hold that back.” Raising Concerns About Economy about 120,000 city Department The union set up a hotline of Education employees,de- formemberstoreport prob- ployed itsown teams to in- lems and said it has found BY KATE KING College. Therecent slowdown sponse to the pandemic in the and2018,according to the spectventilation, fans and problems with ventilation in in arrivals from other coun- U.S. has dissuaded some people Mayor’sOfficeofImmigrant windows, mainly to double- some schools. For instance, a NewYork City’s economyde- tries,however, contributed to from moving here. Affairs. Theofficeattributes checkthe DOE’sinspections. building on Manhattan’sUpper pends on immigrants, but at a an overall drop in the city’s Muzaffar Chishti, director of the decline to the U.S.’s slow TheDOE had earlier shut West Side known as the Mar- time when it needs all the help population the last three years. the NewYork officeofthe Mi- recovery from the 2008 reces- down some classrooms that it tin Luther King Jr.Educational it canget,the flow of newresi- Bitta Mostofi, commissioner gration PolicyInstitute, pre- sion, an improving Mexican found unsafe, and the union Complex, wheremost class- dentsfromoverseas is slowing. of the Mayor’sOfficeofImmi- dictsaffordability will have a economyand increased en- said itsinvolvement as a rooms have no windows, was Immigration to NewYork grant Affairs, said immigration biggerlong-term impact on im- forcement along the border. watchdog promises ventilation found to have amechanical City dropped 45% between is essential to the city’s eco- migration than the pandemic. Armando Villanuevamoved will be a key issue to reopen- ventilation system that “has 2016 and 2019,with about nomic development. “Throughout NewYork’s to NewYork City in the early ing schools. not worked properly fora 34,000 immigrantsmoving to “Weare very much acity of history, certainly in the last 1990s from the Mexican state UFT President Michael Mul- number of years,” according to the city last year compared immigrants,” she said. “You 120years, immigrantshave of Puebla. Poverty wasincreas- grew said Mondaythat inspec- a report from the union. with 62,000 in 2016,according cannot look at the historyof shown they have much more ing in his hometown, and at tions by the DOE and the Locatednear Lincoln Cen- to an analysis of U.S. Census our city and not see the im- faithinthe resilienceofthe age20, Mr.Villanuevaentered union identified “serious ven- ter, the building houses six Bureau population estimates by pact and footprint that immi- city than native-born people the U.S. illegally and moved in tilation issues.” high schools, with two of the William Frey,senior fellowat grantshavehad on building have,” he said. But, “middle- with his uncle in Queens.He “We will continue to moni- four levels located in the base- the BrookingsInstitution. City our companies,our infrastruc- classimmigrantsare looking at worked in different low-wage tor these buildings and other ment. TheUFT said a90-min- officials and immigration advo- ture, our small businesses and options morethan they used to jobs foryearsbeforeeventually schools to makesureall venti- utewalk-through revealed that catessay tighter federal immi- the culture of who we are.” becoming an automechanic, lation problems aresolved,” MLK had ineffectivefilters gration policies and delays in President Trump has re- and nowlives on StatenIsland he said.“Whererepairsand “drooping and cloggedwith processing visa applications stricted immigration sincetak- Immigrants make up with his wifeand three chil- upgrades cannot be made, we dirt,” as well as fans that during thepandemic have re- ing office, including banning dren, ages 9, 13 and 20.His old- will work with the DOE to help didn’t bring in outside air. duced the flow of transplants. travel from several Muslim- about 45% of the est son is studying biologyat find alternativespacebefore TheMLK complexwas Immigrants make up about majority countries,reducing local workforce, a the City CollegeofNew York. students return Sept 21.” among the 10 buildingswhose 45% of the local workforce and the number of refugees al- Mr.Villanuevasaid that for The city’s deal to delay the reopening wasdelayedMon- ownmorethan half of the lowedtoenter the countryand 2019 report found, along time,somanypeople start of in-person instruction day. city’s businesses,according to imposing apublic-charge rule from his hometowninMexico a 2019 report by the Mayor’s that critics saywill prevent were moving to the city that Office of Immigrant Affairs. immigrants from poor coun- they referred to it as “Puebla “I am worried that declin- triesfrommoving to the U.S. because of the heavy cost of York.” Over the past two ing rates of international im- Immigration has further living,mostly due to rent.” years, he has noticed fewer migration will hurt notonly slowedduring the pandemic, Immigration has helped the people arriving. He believes a futureeconomic growth in with countries introducing city recoverfromprevious di- bigreason is that the immi- NewYork City but the stability travel restrictions and many sasters. AfterNew York City grants who moved herebe- of NewYork City’s taxbase,” consulates temporarily clos- lost morethan one million net tween 1985 and 2000 are said Michael Hendrix,director ing,delaying the processing of residents during the 1970s fi- sending money home. of stateand local policyatthe visa applications. nancial crisis,immigrants “Now the young people ManhattanInstitute, aconser- Yanki Tshering,executive were adriving forcebehind have the resourcestoattend vative think tank. director of the BusinessCenter the city’s population recovery schools in Mexico,” Mr.Villan- Immigration has tradition- forNew Americans,anonprofit over the next two decades,ac- uevasaid, adding that he sends

ally offset the departureof that provides small-business cording to the New York City money to support his sister GRI/REUTERS NewYork City residentsto loans and financial guidanceto Department of City Planning. and nieces.“That’sthe case for ALLE

other partsofthe U.S.,accord- immigrantsand refugees,said Thepopulation of illegal manyother people,and proba- O ing to Frank Donnelly,ageo- she has heardfromfriends and immigrantsinNew York bly that’swhy we don’t see CARL spatial-data librarian at Baruch family overseas that the re- dropped 25% between 2008 morepeople coming over.” Mayor Bill de Blasio toured a Brooklyn school earlier this month. P2JW252000-2-A010B0-1------NS

A10B | Tuesday, September 8, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH

ROCHESTER Protesters Demand Police Accountability Naked except for “spit hoods”

(2) in a reference to the killing of Daniel Prude, several protesters sat outside Rochester’s police JOURNAL headquarters Monday morning

REET to push for police accountability. ST Photos and video showed LL

WA roughly a half-dozen demonstra- tors, naked or minimally clothed THE

R and some with “Black Lives FO

N Matter” written on their backs,

GE sitting silently with their hands HA

N behind them, on a rain-slicked VI

KE street outside the city Public Pink oyster mushrooms are among the lesser-known varieties produced by Smallhold. Company co- Safety Building. founders Andrew Carter, standing, and Adam DeMartino are looking to expand their market. Mr. Prude, a 41-year-old Black man, died after police found him running naked in a street March 23, put a hood over his head to A Mushroom Business stop him from spitting, then held him down for about two minutes until he stopped breath- ing. He died a week later after Grows in Brooklyn he was taken off life support. His brother, had called 911 seeking help for Mr. Prude’sbe- havior. BY CHARLES PASSY sci-fialien life-forms than top- changeCommission. Thebusi- Seven police officers were pingsonapizza or ingredients ness, which has astaff of 15, suspended Thursday, and state Forseveral years, Brooklyn in a salad. has worked from other loca- Attorney General Letitia James has cultivated an image as a Thevarieties include the tions in the borough—it is generally done indoors, not- Chris Manca, who oversees said Saturday she would form a hotbed forall thingsartisanal, vividly colored pink oysterand started itsoperations out of a withstanding foraging forcer- partnerships with local suppli- grand jury and conduct an “ex- from cheese to chocolate. Now the lion’smane,named forits shipping container-turned- tain wild varieties.Inaddition, ersinthe Northeast forWhole haustive investigation” into Mr. a pair of entrepreneurs say it shaggy appearance. But these grow house in Williamsburg— no soil is needed. TheSmall- Foods,said that when it comes Prude’s death. is time for fungi to share the mushrooms aren’t just about and has built asteady clientele hold team growsits mush- to mushrooms,shoppersare Police union officials have culinary spotlight. looks,the companyfounders with manyrestaurantsand re- rooms in bagsthat contain looking beyond the buttonva- said the officers were following Andrew Carter and Adam insist. tailersinthe city,including sawdust and other fillers. riety.“There’sanevolution of their training. DeMartinoare foundersof Messrs. Carter and DeMar- Whole Foods. And mushrooms tend to, consumer interest” in spe- —Associated Press Smallhold, aBrooklyn business tino, who met while students Themushrooms retail for well, mushroom. cialty mushrooms, he said. that specializes in growing at the University of Vermont, around $7 to $10 ahalf-pound “Their yield is fantastic,” As much as Smallhold iden- NEW JERSEY and selling lesser-known vari- said thesefungi have ataste box. Smallhold said it is cur- said Henry Gordon-Smith, an tifies itself as aBrooklyn eties of mushrooms.The com- far moredistinctive than the rently producing thousands of urban-farming pioneer who brand, plans call for the com- Two Men Arrested pany, started in early 2017, will whitebuttonmushroom, pounds aweek,making use of runs Agritecture, aNew York- pany to set up satellitegrow In Double Stabbing open a3,000-square-foot which remains America’smost another spaceithas in the based consulting firm that houses in other partsofthe South Williamsburgfacility to popular variety. borough. works with city farms around country. PoliceinPointPleasantar- customersinmid-September Mr.DeMartino said the pink Now, as the companypre- theworld. Mr.Gordon-Smith Smallhold also aims to add restedtwo people Mondayinre- as part of a significant effort oysteristhe “most mush- pares forfurther growth, it has also advised Smallhold. facilities within restaurants lation to adouble stabbing on to expand its market. roomy-tasting mushroom,” appearstobetapping intoa On topofthat, the Small- and grocerystores, something the JerseyShore. In the warehouselikespace, with an intense,umami-like few key trends. hold team says thereisde- it is already doing in the New The policedepartmentsaid Mr.Carter,35yearsold, and appeal. Thelion’smane is As part of the back-to-the- mand for these lesser-known York area at select locations, officers responded acall about a Mr.DeMartino,36, arealready characterized by anutty fla- land movement and the bur- mushroom varieties of late. including afew Whole Foods fightonthe beach and found tending to their crops, which vor, he added, though it is also geoning interest in locally Mr.DeMartino sees it in terms stores. twomen with stab wounds. arenaturally suited to grow- known for its stringy texture. sourcedfoods,anumber of ur- of what might be called the Theidea is to bring con- Theyweretaken to ahospital. ing indoorsinamatterof “It canbeshredded likea ban farms have established kale effect, when adark,leafy sumers as close to the source The policedepartmentsaid it weeks with the right lighting, fresh mozzarella cheese,” Mr. themselves in NewYork and green took off and expanded as possible forthese decidedly had twomen in custody and temperatureand humidity DeMartino said. other cities,according to culi- America’spalatefor vegeta- different mushrooms. thereisnothreattothe public. controls. Smallhold is being funded naryand agricultural profes- bles. “It’s a completely different Policewerestill investigating Themushrooms come in as- with an investment of about sionals.Such locales areespe- “Ever since kale we’ve had experiencewhen youhavea and said moreinformation will sorted shapes and hues,and $3.7 million, according to afil- cially appropriatefor an explosion with different mushroom that’s freshly har- be provided at alater date. oftenmoreclosely resemble ing with the Securities and Ex- mushroom farming because it kinds of produce,” he said. vested,” said Mr. Carter. —Associated Press 7 J800 6D ed. rv se re ts righ ll .A nc ,I o. &C Jones ow 0D 02

PURCHASE ORIGINAL APPARELATWSJSHOP.COM ©2 ER UGI FR RNO :A OTO PH P2JW252000-0-A01100-1------XA

HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | A11

BY JASON DOUGLAS The chances of Wimvan der getting Covid-19 Poel, professor nimals can catch the from a pet is of emerging coronavirus, but that close to zero, and zoonotic doesn’t mean you need experts say, viruses at the to keep your distance adding that country’s from the family pet. animals kept in Wageningen A close proximity, University,who Disease expertssay the chanceofyour pet catching like tigers at the has researched the virus from youoranother pet Bronx Zoo that the outbreaks. in the neighborhood or at the were infected, Other farms park is tiny. If they do,the chance are more at risk. have been told they getsick is smaller still. And to report any the chanceyou catchthe virus signs of respi- from your pet is close to zero. ratory illnessamong animals,and Some instances of infection in to implement strict biosecurity domestic and farmed animals measures to trytoprevent infec- have prompted avolley of inqui- tion, such as protectivegear for ries to veterinarians and animal- workersand keeping all manure welfarecharities from concerned on site. animal loversworld-wide.But Forpet owners, the CDC ad- transmission between animals is vises treating the household dog rare,unlessthey areinprolonged or catasany other family mem- and close physical contact likeat ber during the pandemic: Don’t azoo or farm—an unlikely sce- let them interact with people out- nario fordomestic pets. side the household, and if some- “It’s not like cats meet together one within the household falls ill, in pubs,” said Rowland Kao, pro- isolatethem away from others, in- fessor of veterinary epidemiology cluding pets. and data science at the University If youdocontract the virus,get of Edinburgh. someone who isn’t infected to The coronavirus has infected at care foryour pet, if possible, least 26 million people world-wide while youisolateand recover, said and Covid-19, the disease it causes Douglas Kratt, avet in Wisconsin in humans, has killed more than who serves as president of the 850,000 people, according to American VeterinaryMedical As- Johns Hopkins University data. sociation. Thefirst case of an infected an- If that isn’t doable,then limit imal reported to the Paris-based contact, howeverdifficult it maybe, World Organization forAnimal he said. Resist the urge to nuzzle, Health—known by itsFrench ac- hug or kissyour pet, and wear a ronym, OIE—was in February, mask as much as possible to reduce when adog quarantined in Hong the risk of infection. Wash your Kong afterits owner fell sick hands frequently.Seek the adviceof tested positivefor the virus.In avet if the animal appearsunwell, March, five tigersand three lions though he said with respiratoryin- at the Bronx Zoo were found to be Do Pets Spread Covid‑19? fections it is oftenhardtotell. infected. “If they have a sore throat Domestic cats in Spain, France, they’re not going to tell us,” Dr. Germany, the U.K. and Russia have Kratt said. been confirmed infected. So have Here’s What Experts Say “What I’m seeing is really that cats in Illinois and Minnesota, and folks arekeeping their animals safe a dog in New York City. Laboratory by keeping themselves safe,” said tests have shown animals as di- Keep cats and dogs socially distantfromother animals as transmission Teresa Keiger,ajudgeand editor verse as macaques, ferrets and forthe Cat Fanciers’ Association hamsters can also catch the virus. ratesare lowunless, likepeople,theyare in prolongedand closecontact who has bred Russian blue cats for In all, the OIE has recorded morethan 25 years. roughly 20 individual Some buyerspicking cases, as well as some up kittens aretrav- larger outbreaks eling by road rather among groups of ani- than air to limit the mals living in close risk of catching the proximity, since the virus,she said. pandemic began. Ms.Keiger said In almost all these the flip side of own- cases,public-health au- ing petsamid the S thorities concluded the pandemic is the PRES animals became in- comfort they bring

TED fected through contact ownersduring such CIA with an infected hu- astressful time.“I SO

AS man—an owner,house- think that our cats S; hold member or,inthe knowthat we need a

PRES case of the Bronx Zoo, bit of extracomfort

UMA azookeeper. right now.”

/Z Fewanimals get Rosie Delaney, a badly sick.The cases freelancebook-

ZEL/TNS recorded with the OIE keeper,welcomed

KINT list symptoms including two kittens to her cough, wheezing,some London home amid RICK lossofappetiteand the pandemic in late

GES; mild digestiveissues. July.The 72-year-old

IMA And thereare no re- said she’saware that corded instances of petspassing on That animalscan catchthe according to the Centersfor Dis- gust decided to bring forward a petscan catchthe virus,but she GETTY the virus to humans. pathogen shouldn’t surprise us, ease Control and Prevention. planned ban on mink farming to isn’t tooconcerned. She plans to MA/ “The main messagehereisthat animal-disease expertssay.Seven The most severe outbreaks the spring of next year from 2024. keep 14-week-old Linus and Lula- TA even if petsget it they areun- viruses in the coronavirus family among animals have been on mink An examination of the genetic Mae at home forthe rest of the year

MARIO likely to getsick,and thereisso areknown to infect humans,in- farms. In the Netherlands, the vi- code of virus samples suggested anyway until they have grownbigger

P: far no evidencethat an infected cluding the one that causes rus was detected among mink at two mink farm workersmay have and accustomed to their new TO pet cangoonand infect ahu- Covid-19.Animals,though, are two farms in April. Since then, contracted the virus afterexpo- home—though she said she maytake OM

FR man,” said JennyStavisky, assis- hoststothousands.The virus that outbreaks have occurred on more suretoinfected animals.That them out occasionally on harnesses. tant professor in veterinarymedi- causes Covid-19 is believed to than 40 farms, prompting the gov- fueled concern the farms could “Once I do let them off the WISE cine and scienceatthe University have jumped to humans from an ernment to order a cull of some 1.5 act as areservoir forthe virus to leash I won’t think about it, to be OCK

CL of Nottingham in England. animal in China, possibly abat, million animals. Ministers in Au- ricochet back intohumans,said honest,” she said.

LETTERS tine.AsIremind her,she is on Icreated 50 Artmails:one the “front lines” dodging the aday each weekdayfor 10 Readers “bullet,” and we,inrelative consecutiveweeks,usu- Olivia Grant safety,toboost her morale,will ally lateatnight aftermy hugged keep writing! dayjob.(Each one took grandmother ShareHope, David McCann me about three hoursto Mary Grace Akron, Ohio make, but they typically Sileothrough WorryFor take about 30 to 35 min- aplastic My 91-year-old mother,alifelong utes to read and watch.) barrier in May. amateur artist, lives in alarge re- My mother then Lonely Elders tirement community that imposed shared them with afew strict Covid-19 lockdown measures. of her senior-citizen She is averysocial person, and I friends.They were ex- ISOLATION IN the pandemic is worried that the isolation and lone- tremely popular among a hitting elderly people especially linessofthe lockdown would have handful of residents, and hard, wroteBetsy Morris in are- anegativeimpact on her health the positivefeedback Ire- cent Wall Street Journal article. and, in particular,her mental well- ceived motivated me to Manynursing homes and retire- being.SoIwanted to figure out a keep going! ment communities instituted re- way to help not only her but other Peter Korzenik strictions on visitsand socializing seniorsinher network to deal with Norwalk, Conn. in an effort to protect their vul- the situation. nerable residentsfromthe corona- Iamageriatric physi- virus,but lonelinessand perceived cian in LosAngeles who isolation have also been linked to ‘For me,writing the makes house calls in as- poor health outcomes. sisted living and nursing Manyreaderswrote in to share weeklylettertoher has homes.Ihavehad over their ownexperiences with these become apartofthe 60 cases and 30 deaths challenges.Belowisaselection of from Covid—but, at the reader responses,which have been newroutine.’ same time,anequal number of I agree with everything you said. I So we throw it open? It might lightly edited forlength and clarity. deaths from general decline: poor am a medical director of nursing work with the Covid-19 survivors. —Brandon Sanchez appetite, falls,depression/sui- homes. But having said it, what is There will be more cases and cidality.Ihavetermed it “PRLD”: the solution? more deaths among the non-in- Everyone who has aloved one in Over the course of 10 weeks in Pandemic Related Lockdown Dis- I thought we beat it by isolating fected. It is difficult to isolate ev- anursing home,sadly,isenduring April, Mayand the firsthalf of ease.Itismuch easier foragen- to keep Covid-19 out of the homes. eryone as we have wanderers, so atruly awfulseparation. Truly June,Icurated what Icall “Art- cies to passguidelines and facili- We did well for a while. Then contact tracing is elusive. Would awful. Iwill saythis,though: My mails” and emailed them to my ties to lock down than being came warmer weather and reopen- families unanimously court the

GES 91-year-old mother has always mother on adaily basis.Ineach creativeincoming up with ways ing. Insidiously, 19 out of 21 staff risk to end the isolation?

IMA been aletterwriter,and now Artmail, Iprofiled amodern or con- to interact, as well as the poten- who tested positive were asymp- We continue to pray for an ef- morethan ever,her skills have temporaryartist, included some bio tial legal ramifications of a tomatic. Despite every good inten- fective vaccine that could be the ETTY

O/G been put to the test. So,for me, and my ownbrief commentaryand spread. tion and practice, I now have 31 solution. writing the weekly lettertoher embedded anumber of YouTube Matthew Lefferman residents positive and four deaths Henry Lewis BELL

AL has become apart of the newrou- videos of the artist’swork.All told, Los Angeles so far. I am heartbroken. Gainesville, Ga. P2JW252000-0-A01200-1------NS

A12 | Tuesday, September 8, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

ANATOMY OF AWORKOUT |JEN MURPHY APro Drill That CanWorkfor Yo u The USWNT head of performance breaks down the importance of working all planes of motion WEIGHTLIFTING AT HOME My gym reopened but I’m not ready to ven- ture back. How do I Ellie Maybury, start a weightlifting seen on a soccer routine from my home? field in Chicago.

Think about splitting up the workout by muscle groups. (7) The bottom line Truth is, you don’t need much. JOURNAL Dumbbells, a barbell and a

REET bench are enough to start. The ST

LL key is to create the time and

WA space for your new routine. Pick

THE a spot in your home, and a time R of day that is off limits to ev- FO erything else—kids, work, OCK

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GLA tractions. Make sure everyone in

OR your household knows that YL

TA these 30 minutes are yours and you don’t want to be disturbed.

he human body moves The details three-dimensionally,even To save space, consider buying if exercise moreoften fo- instruments thatare weight-ad- cuses on moving forward justable—such as these dumb- Tand backward on what’s bells from Powerblock or barbell called the sagittalplane from Bowflex—which allow (think running or lunges). But com- pounds to be dialedupordown pleteexercise means also working in increments. The alternative— the body side-to-side (frontal multiple sets of different plane), as well as rotational move- weights—can takeupmoreroom. ments(transverseplane). Next,set yourself up forcon- Soccerplayers changedirection sistency:Aim forahalf-hour of constantly. weighttraining, three or four “Wehavetotrain players to run, times aweek, in between rest sprint, jump,rotate, turn and kick, days.Think about splitting up the all through different planes of mo- workout by muscle groups:One tion,” says Ellie Maybury, head of option could be legs on one day; performancefor the U.S. Women’s then shoulders; back and biceps national soccerteam. another day; then chestand tri- Beforejoining U.S. soccerin ceps on the fourth day. Or,you 2016,Ms. Mayburyworked forfour could alternate days between yearsatthe Football Association in lowerbody and upper body. England as asport scientist forall Former national and world of the youth women’snational champion powerlifter Warren teams. Fahrenfeld suggests starting by picking just two exercises per body part: For legs, that could This fitness expert include squats (hoisting barbell on shoulders) and walking emphasizes mobility and lunges (holding dumbbells). For stability in her work the upper body, examples in- clude bicep curls and bench with the U.S. team. presses which can be done ei- ther with a barbell or holding dumbbells. Mr. Fahrenfeld says to aim for five sets for each ex- In training camp,Ms. Maybury ercise; 10 to 15 repetitions per incorporates exercises that focus on set; with 45 to 60 seconds of mobility (flexibility and rangeof rest between sets. Before work- movement) and stability (strength ing out any new body part, pick and control of movement) in all one exercise at a low weight, 15 three planes of motion. to 20 repetitions. “Just to get You don’t have to play soccer to the blood going, and joints and reap the benefits of these exer- tendons warmed,” says the nu- cises, Ms. Maybury says. “They are trition coach and personal transferable to movements exe- trainer based in Township of cuted in everyday life, from bend- Washington, N.J. ing to pick something up off the He says many clients feel ground to rotating to move an they have to do lots of cardio item from one location to an- activity before hitting the other,” she says. weights. “Do the opposite,” he Head to WSJ.com to find a recommends. If cardio is desired package of five drills that can pro- for fat burning, do it afterward. vide a total-body workout. The That way, you’re not hitting the routine incorporates a range of weights sapped of energy, he mobility and stability exercises, in- Ms. Maybury, head of performance for the U.S. women’s national soccer team, displays the exercise on says. And keep things uncompli- cluding the lunge matrix shown the sagittal plane, top, frontal plane, middle, and transverse plane, bottom. cated. “Cardio can be as simple here. as just walking around the The initial movements lay the foot to return to starting position. Switch sides. neighborhood,” he says. In fact, foundations by utilizing stationary The Workout To perform on the frontal plane, step sideways he says it is best to start work- exercises to mobilize the hips and Lunge Matrix to the right and drop into a lateral lunge, reaching ing out at an easy pace and pelvis in all three planes of mo- Why: Soccer players are constantly zigzagging to hands down to knee height. Return to starting po- work your way up to a more tion, Ms. Maybury says. The exer- move the ball up and down the field. In real life, sition. Switch sides. rigorous one. “Most people start cises gradually increase in inten- we find ourselves lunging in all planes of motion. To perform on the transverse plane, step back out overtraining,” he says, and sity and become progressively “These three movements can be considered one to 5 o’clock and sit into a drop lunge, reaching then burn out. more dynamic, through the inclu- full repetition per side.” Perform 5 to 10 reps on hands down to knee height. Return to starting po- If you’re notreadytoinvest sion of single-leg balance and ply- each side. sition. Perform on the opposite side by stepping in equipment, trysimple things ometric exercises, to challenge back to 7 o’clock. around the house.Gallon jugs your control and balance. How: To perform on the sagittal plane,stepforward filledwith waterorgrocery The three-part lunge matrix with your rightfootintoalunge,reaching your Options: Hold aweightoraball. Reach over- bags filledwith cannedgoods drill detailed here can provide a hands down to kneeheight. Push offwith the right head rather than ankle height. GES canbeusedinstead of dumb- leg workout on its own, Ms. IMA bells.

Mabury says. GETTY —Anne Marie Chaker P2JW252000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | A13 ARTS IN REVIEW

Drummer Michael Sarin, guitarist Rez Abbasi and keyboardist Neil Alexander, left; Mr. Abassi’s Rein- hardt-inspired re- cord with the trio, ‘Django-shift,’ below ALIA UW AHL AN KIR

MUSIC REVIEW Retuning aJazz Guitar Legacy

On his album ‘Django-shift,’ Rez Abbasi offers muscular new renditions of the music of Django Reinhardt

BY MARTIN JOHNSON This project began in January sinewy introfromMr. Abbasi be- tinguished by bravuraguitar thappa’s“BirdCalls” (ACT Music), 2019 with acommission forthe fore drummer Michael Sarin and flourishes.Mr. Abassi turns it into Jason Moran’s“All Rise: aJoyful uring the past decade Berkeley,Calif.-based Freight and keyboardist Neil Alexander kick in ameditativeduet forhim and Mr. Elegyfor Fats Waller” (Blue or so,Rez Abbasi has SalvageDjangoReinhardt Birth- with sturdy support, yetRein- Alexander that seems to referto Note), Adam Nussbaum’s“The established himself as dayFestival. Reinhardt hardt’smelody is crystalclear as the television Lead Belly Proj- one of the leading gui- (1910-1953), one of the founding the band embellishes it through- and movie ect” and “Lead D taristsinjazz. Themu- fathersofjazzguitar,was abril- out the performance. “Swing 42” soundtracks on Belly Reimag- sician—who wasborn in liant soloist and one of the first is slowedfromthe original’sfre- which the song ined” (both Pakistan, grew up in California, netic pace, which highlightsthe has appeared. Sunnyside), and and attended collegeinboth Los eleganceofthe melody.Then Much of Anna Webber’s Angeles and NewYork—has be- Mr. Abbasi has become Messrs. Abbasi and Alexander en- Reinhardt’smu- “Clockwise” come known forinnovativefu- gage in aggressivesolos with Mr. sic evokes the (Pi) turn works sions of jazzwith Indian and Pak- known for fusing Sarin’senthusiastic accompani- settingsofits in the canon istani musical traditions,aswell traditions and drawing ment. “Django’sCastle” is faithful creation, the intocontempo- as forunique approaches to to the serene mood and easygoing smokycafes and rary sonic por- soundtrack music and arecording on an eclectic repertoire tempo of the original, but the new nightclubs of traitsthat whereheshared the frontline version is deeper thanks to ex- Paris,while Mr. mesh the old with aharpist. But he pushes tended solos by Messrs. Abbasi Abbasi’srendi- with the new. It boundaries in other waysaswell. and Alexander and subtle percus- tions recall is awise tactic On “Intentsand Purposes” (Enja, guitariststolead ajazzband. Mr. sion from Mr.Sarin. moremodern forMr. Abbasi. 2015), he drew his repertoire Abassi felt that Reinhardt’scom- “AnniversarySong,” awaltz by venues—the upscale jazzclubs Reinhardt’ssolos areextraordi- from the electric jazzfusion posing skills were oftenover- Iosif Ivanovici, undergoes one of and small performancehalls nary; copying them would be only movement of the early ’70s but looked and, afterathorough re- the most radical changes.Mr. wherethe music might have been slightly lessridiculous than copy- performed the music with his viewofhis catalog,chose seven Abassi convertsitintoanoirish performed this year in the ab- ing Jimi Hendrix.In“Django- acoustic quartet. And now, on originals and two standards (“An- piece, with probing solos—his im- senceofapandemic. shift,” Mr.Abbasi has found an “Django-shift” (Whirlwind Re- niversarySong” and “September provisation is ahighlight of the “Django-shift” adds to agrow- exciting way to present legendary cordings), he offersanother set Song”)that Reinhardt made his recording—and abstract ensemble ing number of recordingsinthe material in an up-to-datestyle. of reimaginings, playing the nim- own. sections.Kurt Weill’s“September past five yearsthat use classic ble music of guitar great Django “Diminishing,” the firsttrack Song” has been widely covered, repertoireaspointsofdeparture. Mr. Johnson writes about jazz for Reinhardt with abrawnytrio. on “Django-shift,” begins with a and Reinhardt’srendition is dis- Albums likeRudresh Mahan- the Journal.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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A14 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. SPORTS The Youth Sports Dilemma

Families have to answer for themselves whether their kids should play. Nobody knows if they’re right.

BY BEN COHEN

Sahil Gandhi wasn’t surewhat to do when the adultsdecided last spring that it wastime forteenag- erstoplaybaseball again. Apan- demic could shut down the global economy, but it wasn’t enough to stop the American youth sportsma- chine. Sahil is apitcher who plays al- most everyposition forhis travel baseball team in Atlanta, and this wassupposed to be aglorious sum- mer for14-year-old athletes like him. But then something unex- pected happened. He read his team’ssafety protocols.Hetalked to friends about masks and risks. Themorehethought about it, the lesshewanted to play. “I’m not supposed to go out of my house,but I’m going to base- ball?” Sahil said. “That didn’t make sense to me.” Therewerefew teenagersmore qualified to makethis decision than Sahil. He didn’t need to experience apandemic to start listening to public-health experts. He’sbeen lis- tening to them forhis entirelife: His parentshappen to be infectious disease epidemiologists. Neel Gandhi and SaritaShah, who arecolleagues at EmoryUni- versity’s Rollins School of Public Health in addition to being husband and wife, spend almost everywak-

ing hour these days thinking about O Covid-19.Dr. Gandhi speaks in the TT

measured tone of ascientist who BUGA strives to followthe datawherever

it leads him, and that wasespe- DOMINIC cially important when the human variables were his ownchildren: a complicated,” Dr.Shah said. held against them. Most elect to the air conditioning.They use pub- likehis father,wasn’t on the field son who wasexcited about the “This is our choice,” Dr.Gandhi play. lic restrooms.For all the safety reg- when his team returned. In aseries baseball season and adaughter who said. “But Iwouldn’t tell anyfamily But thereare exceptions on al- ulations at tournamentsand hand of interviews this summer,Dr. Gan- couldn’t wait to getback on the that they’remaking the wrong most everyteam in professional sanitizer in the dugouts, one as- dhi worried that his son would get soccerfield. choice.” leagues,collegeathletics and youth ymptomatic teenager forgetting his leftbehind—or getblacklisted. The Their teams would keep play- Parentsare split. Thechanceof sports, who have looked at the mask or splitting chips and salsa economics of youth sportsare built ing—but without the Gandhis. their kids and teenagersdeveloping same dataand come to adifferent with teammates is enough forthe on such anxiety. “Wedidn’t feel likeitwas safe severeillnessappearstobelow, conclusion. virus to spread. “I fear that thereispeer pres- forus,” Dr.Gandhi said. “Wefelt but expertssay the greater danger Thefirst problem with youth Therestart of youth sportsamid surefor parents, too,” he said. “If that we should makethe decision is ayoung person contracting the sportsinapandemic is that there this uncertainty brought awrench- practices arehappening and my that we’remost comfortable with virus and passing it to morevulner- is no way to playinabubble. ing choicefor manykids and par- child doesn’t go, arethey going to as afamily.” able people around him. They also Weekend tournamentsbring to- entswho never imagined having to getlessplaying time in the fall or This is aconversation happening have to consider the mental health gether children and parentsfrom think so hardabout playing sports. spring or whenever down the in living rooms acrossthe country. of their children. Themost recent all over the statefor an extended Sahil wanted to play. He wasn’t road?” Theagonizing calculus of risk toler- survey from TheAspen Institute’s amount of time.Outdoor sportsare sureheshould. Nearly six months afterbaseball anceisanequation that each family Project Play in June showedthat betterthan indoor sports, and cer- His travel baseball team in At- season ended abruptly,with the must solvefor itself. 44% of parentsfelt comfortable tain partsofthe countryhavelower lanta—a city with the highest rate school year starting remotely,fall TheGandhis decided to stay sending kids back to elitetraveland ratesofinfection than others, but of public-health expertsper capita baseball is right around the corner. home.Some of their best friends club teams,while higher percent- the pooling of people also pools of perhaps anywhereinthe world— That meantitwas time foranother sent their children back to soccer ages felt betterabout school sports risks. wassupposed to begin practicing in tough call in the Gandhi household. practice. Everyone hopes they made (51%) and individual sports(69%). Thesecond problem is what hap- March. Thestart wasdelayeduntil They decidedthat baseball could the right call. Everyone fearsthey Athletes have the choicetoplay pens when kids arenot playing April. Then it waspushed again to wait until next year. didn’t. or not to play, and teams have sports. In between games,they eat May. Sahil is sticking with tennis and “Wereally do getthat it’sreally promised that decisions won’t be lunch. They linger inside andsavor Sahil, aNew York Yankees fan golf.

Yeaaaaahhh … you JASONGAY against the latter have a distinct can’t do that. WWE vibe, with Djokovic installed In the end, it as the heel. While some of this doesn’t matter if No- HowDoes NovakDjokovic Rally tension is overbaked—everyone vak Djokovic meant to plays the heel when pitted against do it or not—and he the wildly-beloved Federer—it is says he wasn’t trying to hit a line From His U.S. Open Bounce? awkward to watch the historically judge with a tennis ball at the U.S. great Djokovic reduced to such Open on Sunday—you just can’t do easy villainy. that. Which is why Sunday was a di- Djokovic struck a ball in frustra- saster, and he knows it. With tion, the ball hit a judge, she Roger icing his knee and Rafa frighteningly tumbled to the prepping for the French, this U.S. ground, and even if he didn’t see Open men’s tournament had the her there, or says it was an acci- potential to be The Novak Show, a dent, a terrible mistake, it’s still stage largely to himself. He’d been considered a punishable no-no— playing very well (he’d won the enough in the minds of tourna- Western & Southern tuneup, and ment officials to send Djokovic, had dropped one set thus far in the Open’s No. 1 seed, shockingly the Open) and appeared to be en- home. joying his rabble-rouser status as a “We all agreed he didn’t do it leader of an upstart players organ- on purpose, but the facts are still ization called the Professional Ten- that he hit the line umpire,” the nis Players Association. The folly Open’s tournament referee, Soeren of Djokovic’s summer tennis exhi- Friemel, said at a post-match news bition in Serbia and Croatia, where conference. “And the line umpire he and several other players tested was clearly hurt.” positive for Covid-19, appeared to In case you’re mounting a furi- be fading. He was a heavy favorite ous defense of Djokovic in the in New York, undefeated (26-0) on Court of Tennis Court Second the year. Opinions, be advised: Your client All of which makes this such an Nole has pleaded nolo. unnecessary fiasco. Djokovic’s de- In a contrite Instagram state- fault was the kind of viral moment ment issued after his default, the everyone heard about, even if they World No. 1 offered no excuses. don’t pay the slightest bit of atten- “This whole situation has left tion to tennis, or to sports at all. me really sad and empty,” Djok- Suddenly, he was back to Novak ovic’s statement read. “I checked the Heel. on the lines person and the tour- Here’sthe truth about heels: nament told me that thank God Heels only work when they want she is feeling ok. I‘m extremely to be heels.Djokovic wantstobe sorry to have caused her such Novak Djokovic with the line judge who was hit with a tennis ball at the U.S. Open. loved. He’satemperamental stress. So unintended. So wrong.” playerwith aself-destructive “I need to go back within and side,but he also has the potential work on my disappointment and and now, Novak hitting the bricks and had Djokovic been playing his the last seven major tourna- to finish his career with morema- turn this all intoalesson formy with an epic unforced error. There fourth round match against Pablo ments—Wimbledon 2018, U.S. jorsthan anymen’splayerever. growth and evolution as aplayer is a silver lining—the men’s singles Carreño Busta on any court be- Open 2018, Australia Open 2019, I’veseen few athleteswith a and human being.Iapologizeto winner will be a first-time major sides Arthur Ashe or next-door Wimbledon 2019 and Australia greater capacity to dig deeply in the [U.S.Open] tournament and ev- winner—but the first Covid-era Louis Armstrong Stadium—the 2020—and is up to 17 majors, two pressurized moments, yetatthis eryone associated formybehavior.” tennis major has faced substantial two courts that are still using old- behind Nadal (19) and three be- point in his arc, he needs to lo- As sports apologies go—as any headwinds. (If you work for the fashioned humans—he wouldn’t be hind Federer (20). He’s got a life- cate moregrace in his game.I apology goes—that’s not bad. USTA, and you’re up to four Honey in this situation. time winning record against both suspect he realizes this.Ikeep go- What happened Sunday was a self- Deuces a night, I understand.) Which I guess is true. You know of those all-timers. ing back to asentenceinDjok- inflicted professional humiliation, I know there are folks pointing what’s also true? Novak Djokovic He flies in the highest possible ovic’sapology: Ineed to go back and credit to Djokovic for not do- out an apparent irony: that the doesn’t play tennis matches at the airspace. Only a fool would dispute within and work on my disap-

ing the 21st-century usual: blam- pandemic U.S. Open is using the U.S. Open out in the sticks. He’s the depth of Djokovic’s talent, his pointment and turn this all into a GES

ing everyone but himself. “Hawk-Eye Live” robotic line-call- not playing Hawk-Eye Live on all-around skill, his outrageous lesson for my growth and evolu- IMA What a weird, pandemic-edition ing service to officiate matches on Court 13. athleticism and court coverage. tion as aplayer and human being. ETTY

U.S. Open. No fans, no towel ser- most of its courts, in order to cut Djokovic is the best men’s ten- And yet Djokovic is consistently In the wake of amortifying mo- O/G vice, no Rafa, no Roger, some scat- down on the number of people re- nis player in the world, and has put in a corner next to Nadal and ment, it’svaluable self-awareness. BELL

tered drama over Covid-19 testing, quired to put the tournament on, been for a while. He’s won five of especially Federer. His matches Mayitturn intowisdom. AL P2JW252000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | A15 OPINION All the President’s Norms BOOKSHELF | By Gerald J. Russello

Not even Don- the Foreign Intelligence Sur- tiouslytoreupher copy of Trump is,starting with the WhyWas He ald Trump’s veillanceAct court? Not to the State of the Union on her firstquestion, which asked most ardent mention intelligencechiefs podium? Or howanyone Mr.Biden to givehis take on supporters such as CIA Director John wearing aMAGAhat is auto- Mr.Trump’ssoul. would deny Brennan and Director of Na- matically aracist, including a We’vebeen seeing this for InVietnam? that he has tional IntelligenceJames high school kid wearing one years. Wherewas the press MAIN oftendisre- Clapper who publicly painted to apro-liferally? Or Rep. skepticism about the Steele STREET garded norms the president as aRussian Maxine Waters calling for dossier or the whole Russia The Last Brahmin of political be- agent while privately testify- people to confront Trump of- collusion narrative? Can any- By William havior—from ing to Congressthey’d seen no ficials wherever they’re one remember headlines By Luke A. Nichter McGurn the derisive evidencefor such aclaim. found—at restaurants, shops, aboutnorm busting when (Yale, 527 pages, $37.50) nicknames he In the AgeofTrump,calls or agas station—and createa Americans learned the FBI uses to diminish political ri- to changeany norm seen as crowd to harassthem? agent accused of altering a want youtoknowthat if it will servethe United vals to ill-advised tweetssuch working in the president’sfa- document foraFISAcourt ‘I States, Iamexpendable.Just don’t do it forunimportant as the one suggesting we delay vorare frequent. Mr.Trump had declared himself part of reasons.” This wasformer senator HenryCabot Lodge the election. These areimpos- wins the election but loses Trump haters wage a the“resistance”?Orwhen a Jr.’s response to President John F. Kennedy’s1963 request sible to ignore, not least be- the popular vote?Eleven text revealed the FBI’slead that he,alifelong Republican, return to public lifeas cause when they happen the Democraticcandidates for war on standards and investigator intothe Trump ambassador to South Vietnam and serveinaDemocratic entirepress and political es- president call fordoing away use his bad behavior and Clinton campaigns telling administration. TheVietnam post wasonly one milestone in tablishment talk of nothing with the Electoral College. his FBI lover that they will Lodge’s cursus honorum—besides serving as asenator and else fordays. Mr.Trump appointsjurists as an excuse. “stop” Mr.Trump from be- ambassador he wasalso,atdifferent times,astate legislator, So let us stipulatethat the who don’t believeinlegislat- coming president? Against amilitaryofficer,avice-presidential nominee and apossible president is aserial norm ing from the bench? Sens.Ka- this,the standardrhetorical presidential candidate. Foralmost five decades,Lodgewas breaker,and it’sperfectly fair mala Harris, Kirsten Gilli- So long as anorm viola- excesses likening the presi- at the center of American public life. to call him out on it. But Mr. brand and Elizabeth Warren tion works against Mr.Trump dent to murderous totalitari- Luke A. Nichter’scomprehensivebiographysetsLodge’s Trump’sfoes break plenty of propose packing the Supreme or his supporters, it gets a ans—TrumpisHitler,Trump storyamid the twilight of the WASP elite—the “Brahmins,” norms themselves,justifying it Court. pass. That’smostly because is Stalin, Trump is Musso- meaning primarily that set of interrelated families in and because of,well, Trump—and Meanwhile, Mrs. Clinton, the institution that should be lini—look almost quaint. around Boston—and of an Americait’salmost impossible to then adding alectureabout ci- stillsoreabout her lossin holding violatorsaccountable, Thecritics will saythis is believeexisted, whereyacht clubs and boarding schools led vility on top. Thelatestexam- 2016,urges Mr.Biden not to the press, has abandoned allwhataboutism. But that’s naturally to public service. TheVietnam episode helped ple: Can anyone imagine ase- concede in any circum- even thepretense of objectiv- not an answer, it’sanevasion. bring about the dissolution of rious news publication stances.Trump Supreme ity with anything Trump. If norms arenorms,they ap- their political class. running astory accusing Joe Court nominee BrettKa- Themost recent example ply to everyone.Unfortu- In “The Last Brahmin” Mr. Biden or NancyPelosi of ma- vanaugh is accused of gang came Friday. Thepresident nately,asmycolleague Kim Nichter,aprofessor of history ligning the wardead with all rape and we aretold about held apress conferencein Strassel notes in her book at Texas A&M University- anonymous sources? our obligation to believethe which reportersrightly pep- “Resistance (at All Costs),” Central Texas,presentsLodge TheTrump-justifies-the- women as the allegation is peredhim with tough ques- the reigning standardofthe as aman who believed he owed means rationale has been as splashed all over the news, tionsabout everything from Trumpnorm bustersisthis: much to the nation, and so poisonousfor the nation as butwhen aformer Senate theattempted assassination “You either hate the man, or believed the nation should use anything the president has staffer accuses Mr.Biden of of Russia’sopposition leader, youare as bad as the man.” him as it sawfit. Lodge done.Start with this: Has sexual harassment, it turns to whether Americaismaking Thenew approach to (1902-1985) descended from thereeverbeen anorm viola- out youdon’t have to believe as much progressagainst norms wassignaled in the multiple old American families; tion more grievous than the that woman, or even payat- Covid-19 as he says,tothick of the 2016 campaign, in therehad been aLodgein way the Justice Department tention to her.Meanwhile the whether he regrettedsaying afront-pageNew York Times federal public servicealmost and FBI were politically weap- speaker of the House,Nancy John McCain wasnohero. op-ed by Jim Rutenberg. In it continuously sincethe Revolu- onized to intervene in an elec- Pelosi, launches an impeach- Thesame day, Mr.Biden Mr.Rutenbergasked whether tion. Lodge’sfather died when tion and then take down an ment inquiryofthe president held oneofhis (infrequent) “normal” standards should hisson was7,and his grandfather, elected president, built on a without afloor vote authoriz- pressbriefings. This time,it apply to Donald Trump. Sen. HenryCabot Lodge(1850-1924), became astrong salacious Russian dossier ing it. wasall softballs.Most report- Plainly we have our an- influenceonthe grandson. Theelder Lodgewas aconfidant commissioned by the Hillary Or remember in February, erssimply asked him to ex- swer: No. of TheodoreRoosevelt and awell-known center of opposition Clintoncampaign and lies to when Mrs. Pelosi ostenta- pand on howawful Mr. Write to [email protected]. to Woodrow Wilson’sLeague of Nations,which he considered athreat to American sovereignty. Handsome,courageous,charismatic,anengaging public speaker,politically savvyand hardworking,the younger Russia and China Wield Dull Wedges Lodgewas elected to the Massachusetts statelegislaturein 1932, arguing that “the economic system should be changed One of the emergenceofmorehorrifying ForBeijing or Moscow to drop the occasional stitch. to provide abetterdistribution of wealth,” one that rewarded biggest con- details about Chinese treat- meet European demands on But despitethe supposed initiativebut not greed, and one that protected those harmed cerns experts ment of Uighurs, Beijing’s everything from climate advantages that asecretive by economic dislocation. Lodgechampioned improved worker have about crackdown on Hong Kong, change to human rights and authoritarian govern- conditions and civil liberties.Helater called this combination President and itsthreatsagainst Tai- would requirechanges that ment is said to provide in “practical progressivism,” but it wasmoreaform of secular- Trump’sfor- wanhaveroiled Europe’s neitheriswilling or perhaps foreign policy, antidemo- ized Christianity applied to politics.His affability and wide GLOBAL eign policyis powerful human-rightslobby. able to make. cratic powers arefallible network of contacts(recorded meticulously on indexcards) VIEW that by alien- When Czech SenatePresi- Thesecond is that the too. One problem is that au- represented that ease with other social classes possessed by ating key al- dent Milos Vystrcil led a90- trans-Atlantic alliancewill tocratic governmentsget so the American ruling classatits best: His social status had not By Walter lies likeGer- person delegation to Taiwan remain bound by the same used to bullying and intimi- been achieved via meritocracyormerechance, and he felt no Russell Mead many, it last week,China’sForeign powerful forcethat creates dating their people that they need to guarditwith snobbery. Lodgewon aSenateseat in offersChina Ministrycondemned the visit many international bonds: a fail to grasp howcounter- 1936,and meanwhile became acaptain in the ArmyReserve. and Russia an opportunity to and Foreign Minister Wang sense of common threat. productivesuch tactics can In 1944 he resigned from the Senatetoservefull time in the divide Europe from the U.S. Yi warned that Mr.Vytrcil be when deployedoverseas. military, the firstsenator to do so sincethe Civil War. Yetwhile trans-Atlantic ten- would pay“aheavy price” for At home,critics of an au- Lodgewould become acolonel, and Mr.Nichter depictshis sions have worsened since his temerity.Mr. Vytrcil’s They push the U.S. thoritarian regime canbe experienceinWorld WarIIasaturning point: He moved 2016 and public opinion in speech beforethe Taiwanese easily cowed; foreign gov- politically from the isolationism of the older elitetothe inter- key European countries has Senatewas provocative. “I and Germany closer ernmentsare lesseasily nationalism of the postwarperiod. Lodgehad campaigned turned sharply againstthe am Taiwanese,” he said in together rather than forced intocompliance. forWendell Willkie in 1940 on aprogram emphasizing president, thereare few signs Mandarin, consciously echo- Finally,thereisthe some- “Americanism, preparednessand peace,” and called proposals RussiaorChina areeffec- ing John F. Kennedy’s speech driving them apart. what lessencouraging obser- forinternationalism “suicidal.” By early 1941, however, after tively capitalizing on the mo- in Berlin at the height of the vation that both Russia and taking advicefromhis friend Armychief of staff George C. ment. Cold War. China feel relatively uncon- Marshall, he split with the Republicans—and his grandfather’s On the contrary. Farfrom Thegap between the ma- Winston Churchill and Joseph strained at the moment. With principles—in voting forthe Lend-Lease policy. severing the ties between the jorEuropean countries and Stalin did not likeorapprove the U.S. consumed by elec- U.S. and Europe,China and China widened noticeably last of each other,but they tion politics and domestic Russiaseem to be strength- week: Francecalled foraEu- worked together because of a polarization, and the Euro- HenryCabot LodgeJr.’s conversion from ening them. Thepoisoning of ropean effort to develop mutual fear of Nazi Germany. pean Union still divided and isolationism to internationalism wasemblematic AlexeiNavalny—Vladimir Pu- homegrown5Gtechnology Ms.Merkel is not fond of Mr. slow-moving,neither Moscow tin’schief political rival—so rather than relying on Hua- Trump and viceversa, but nor Beijing seems to fear of postwarshifts within theRepublican party. outraged the German public wei, and Germanyadopted an both canrecognizeanover- consequences forits reckless that Chancellor Angela “Indo-Pacific” strategythat riding common interest. A behavior.The rest of 2020 Merkel is coming under re- will reduceits relianceon smoother diplomat in Wash- could have afew morenasty What Mr.Nichter does not quiteexplain is what led newedpressuretoshut down China. Both French and Ger- ingtonoramoreflexible gov- surprises up itssleeve. Lodgetocontinue this shiftafter the war. By 1947 he was the controversial Nord manofficials reacted angrily ernment in Berlin might ease All of this suggeststhat advocating forthe U.S. to take on the role of guarantor of Stream 2gas pipeline proj- to China’sthreatsagainst the the path fortrans-Atlantic Russia and China will con- world peace, and he thought it imperativethat the country ect. Moscow is evidentlypre- Czechs. cooperation, but diplomatic tinue to anger and alarm maintain armed forces abroad. Returning to the Senateafter paring to double down on These eventssuggest sev- tact isn’t what holds the alli- their neighborsand the the war, Lodgeformed part of the bipartisan “vital center” support forembattled Belar- eral conclusions.The firstis ancetogether. world at large.And much as expanding America’ssuperpowerrole.His positions alien- usian leader Alexander Lu- that neither China nor Russia Thethirdisahelpful re- the bluster and bullying of ated him from Sen. Robert Taft and othersinthe old-guard kashenko, even as Europeans is ready to do what it would minder that our adversaries Germany’sKaiser Wilhelm II Republican leadership.In1952,Lodgeled the movement to cheer the peaceful public take to pryEurope and arenot 10 feet tall. TheU.S. strengthened the encircling draftGen. Dwight D. Eisenhowerinorder to steer the party protestsagainst his rule. Washingtonapart. In part makes itsfull shareofmis- coalition that he feared, so “inaninternationalist direction,” as Mr.Nichter terms it, Chinaseems to be trying this is because,asAmericans takesinforeign policy, and China and Russia aredriving and to take the Republican presidential nomination from even harder to makeitself well know, Europe demands a America’sEuropean allies much of the rest of the world Taft.This sealed the fateofthe nationalist wing of the party. unpopular acrossEurope.The high pricefor itssupport. have also been known to intoadefensivealliance. Thedramatic centerpieceofMr. Nichter’s account is the fall of the Diem government in Vietnam in 1963.Inacon- versation secretly recorded by Kennedy but not previously known to have been recorded by the president, Kennedy Dad, Please Get a Covid Shot seems to giveapproval forLodgetosupport acoup attempt against Diem. At the time,Diem wasconsidered insufficiently By Marc Siegel clinical trials forCovid-19, unteers receive it in Phase 3, adverseevents...and for strong against the communistsand wasbecoming difficult three areinPhase 3, the fi- vs.the response of 15,000 datathat is forefficacy. ... to deal with. Elementswithin the State Department and the en. Kamala Harris sug- nal stagebeforeapproval, in who receiveaplacebo.An- Is it conceivable that you CIA thought that agroup of generals would be morefavor- S gested Saturdaythat the Trump administration’s thonyFauci, longtime direc- could getananswerinOcto- able to the American policyofresistancetoNorth Vietnam. she might refuse avac- Operation Warp Speed. Fac- torofthe National Institute ber? Theansweriscertainly. Lodgewas thrust intoavolatile situation and did as well cination forCovid-19 because tories aregearing up,and of Allergy and Infectious Dis- Ithink itsunlikely,but I as he could to further what he understood as the national “I would not trust Donald distributions centershave eases,told me in an inter- think we canget it.” interest. He wascareful to keep informed of what was Trump.” My father,96, feels been instructed to be in viewlast week that the ulti- Oncewehaveavaccine, happening but stayed at arm’slength. He knewhewas exposed thesame way about Gerald matedecision will be made thenextchallengewill be both personally (armed staffersslept outside his room in Ford.“No way,” he says when based on whether asafevac- getting people to take it. Saigon) and professionally,sinceU.S.support foracoup was Itell him Ihope he gets the Yo u too, Sen. Harris. cine offersactual protection This will involveconsiderable not public knowledge. And he knewthat he was“expendable” newshot as soon as it’s against this coronavirus. community engagement, out- if the plan went awry:Robert Kennedy and otherslater laid available.“Igot the swine flu This isn’t the swine According to Dr.Fauci,the reach and transparencyon considerable blame forthe coup and the worsening warat vaccine in 1976. Iwas in bed flu; it’s a genuine DataSafety Monitoring Board the science, especially given Lodge’sfeet. But Lodgenever explained his actions in Vietnam, forthree days,and my mem- could use this information to the distrust of vaccines in or indeed throughout his career.“Never tell them howyou oryhasn’t been the same deadly pandemic. reach adecision even before some segments of society— did it” is howhephrased his lifeinpublic service. since.” thecompletion of the trials: apparently nowincluding the TheVietnam episode is emblematic of Lodge’slife, and the That fiascohas fueled “Ifyou getanumber of Democratic presidential dilemma of the American ruling class. Lodgecomes acrossin many anti-vaxxerssince. placebyNov.1.That’sagood events,namely infections, ticket. this account as dedicated to American traditions and insti- Morethan 40 million people moveevenifthe vaccine and your trial happens to be Iwill trytoconvincemy tutions,but those were irrevocably changed because of the received arushed, flawed isn’t ready to distributeby focused in an area whereyou patientstoovercome their internationalist shiftheled. Anation organized around WASP vaccine against avirus that then. Thelast thing we need have it and youreach the fear and help them to recog- dominanceand ageneric Christianity wastransformed intoa neveremerged, and at least right nowisabureaucratic predetermined number of nizethat the dangerous virus universalizing democracyfacing off against the communists. 500cases of the paralyzing delay. events,you could getanan- should be scarier than the Mr.Nichter makes agood case forthe Brahmins,and laments Guillain-Barré syndrome were Theleading vaccine candi- swerbeforethe trial is offi- vaccine.That’sthe only way that the U.S. has “lost morethan it gained through the exit linked to it, along with thou- dates—from BioNTech/Pfizer, cially over.” to beat Covid-19. of these families from politics and public service.” Perhaps; sands of cases of other unre- Moderna, and Oxford/Astra- TheFDA could approveit they did have strong virtues.But the countryisbiggerthan ported symptoms likemyZeneca—have all cleared conditionally, using an emer- Dr. Siegel is aclinical pro- Newport, R.I., Long Island, N.Y.,and Boston. While Mr.Nichter father’s. early safety trials and shown gencyuse authorization. fessor of medicine and medi- chronicles Lodge’sactiverole in the era, the reader still is This time at least the epi- arobust immune response. “That’sthe reason whyyou cal director of Doctor Radio lefttowonder about the man’sultimatemotivations,and what demic—and the need fora What remains to be seen is have dataand safety moni- at NYU Langone Health and he made of it all. “Never tell them howyou did it,” indeed. vaccine—is real. Of the more howsafeand effectiveavac- toring boards.They intermit- amedical correspondent for than 30 vaccines currently in cine will be when 15,000 vol- tently look at the datafor Fox News. Mr. Russello is the editor of the University Bookman. P2JW252000-0-A01600-1------XA

A16 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Will Courts Pick the Next President? Reflections on College Teaching as Therapy

eorgia’svoting deadline is unambiguous: ing ballot stragglers, up to 10 days lateinOhio, Joseph Epstein’s“Today’sCollege her award rather than deserving of Absentee ballotsare due when the polls as long as they’repostmarked by Election Day. Classroom Is aTherapy Session” Mr.Epstein’sderision. G close on Election Day. Late arrivals are Alas,the audit finds that “ballotsare not always (op-ed, Aug.29) highlighting the R.A. HASKELL current obsession with “nurturing” Chapel Hill, N.C. meant to be set aside,stored, being postmarked as re- by collegefaculty is disconcerting. and eventually destroyed with- If the election is close, quired.” Ballots canalso be re- My wifetaught medical studentsa Thefocus must be on learning out being opened. That’swhat the fallout could make jected by local workers, who few yearsago and wasdisturbed by outcomes.Oncewemovefroma statelaw says,and the way to eyeballavoter’s signatureto their sensitivity.Someone in the teacher-centered approach to a protect democratic legitimacy Bush v. Gore look like see if it matches the version on classwould become upset with an learner-centered approach, college in an anxious ageistorun elec- an ice-cream social. file. innocuous comment, no matterhow teaching effectivenessshould ad- tions by the book. In this year’s primaries,ac- carefully she tried to avoid contro- dressone crucial question: Did we But in the Twilight Zone of cording to atally by NPR, versy. Other friends in faculty posi- achieveour learning outcomes? Let’s 2020,everything is apparently 558,032 absentee votes were tions at other institutions have re- agree on what we want studentsto up forgrabs.Last Mondayafederal judgeissued tossed out.AlGorewon the nationwide popular lated the fear of being targeted if learn, what they want to learn and apreliminaryinjunction that ordersGeorgia of- vote in 2000 by 543,895.The discarded ballots they expresstheir views and possi- what our greater society wantsas bly be summoned to defend them- outcomes,and stop focusing on the ficials to count all ballotspostmarked by Elec- this spring included 23,196 in Wisconsin, astate selves beforesome disciplinary professor as the center of the room. tion Day, even if they don’tshowupuntil three Mr.Trump wonlast time by 22,748.Some states board. Sadly,they avoid anydebate Let’smeasureagainst the learning days later.The suit wasfiled by the NewGeorgia givevotersaweek,or14days in Illinois,to on political subjectsaswell as polit- outcomes,not whether someone was Project, agroup founded by Democrat Stacey “cure” bad signatures.Yet astudy of Florida in icized scientific issues forfear of atough guyorasweetheart. Abrams. Thejudgeexpressed areluctanceto“in- 2018 found that mail-voterejection rateswere retribution. One commented that he DANIEL S. FOGEL terferewith Georgia’sstatutoryelection machin- twiceashigh forblack as forwhitevoters. is approaching retirement in afew Huntersville, N.C. ery,” but she concluded that “the risk of disen- Thefinagling over lateballotsand messy sig- yearsand his pension could be af- franchisement is great.” natures might stall the reporting of credible re- fected unlessheavoided controversy Therapy looks inward.Education Similar litigation is taking placeacrossthe sults. About adozenstates, including Michigan, and went along with the party line. looks outward to the ideas,writ- country. Pennsylvania’sSupreme Court last Wisconsin and Pennsylvania, don’t begin pro- Fiftyyearsago during the initial ings, discoveries and achievements Tuesday accepted alawsuit filed by the state cessing absentee votesuntil Election Day, per lectureinacourse on applied anat- of othersovermillennia, avast and omy, the professor (a Dr.Habel) inspiring world. If education has DemocraticParty,and officials suggested last the National ConferenceofState Legislatures. mentioned that thereseemed to be one lesson, it is that trauma is a month in aseparatecase that ballotsbecounted In the absenceofapartisan skew,this might not the impression on campus that a universal experienceand everysoci- if they arrivebyNov.6,evenifthe postmark is matter. But arecent Journal poll says that 66% professor should be your buddy.Af- ety does and has inflicted plenty of missing or illegible.InOhio,the League of of Trump supportersintend to vote in person, teranother pause he shook his head it—and some societies likethe U.S. Women Voters is challenging the process for compared with 26% of Biden backers. and said: “I’m not your buddy.” We aim to inflict as little as possible.If verifying signatures.Minnesotahas waived its iii learned quickly that he wastough therapy has one lesson, it is that by rule that absentee ballotsmust be signed by a On election night, the electoral map might but fair,ifyou studied diligently.We atemporaryprocess of self-exami- witness, and the stateSupreme Court is weigh- suggest asolid lead forMr. Trump that is eroded realized his primaryconcern wasour nation, educated “victims” canlearn ing an appeal of that suspension,brought by as mail ballotsare canvassed. What if Mr.Trump assimilating the course material well to let go of the past and go out into PresidentTrump’scampaign. reprises his tweet from six days afterFlorida’s to improveour knowledgeand ulti- the world as competent survivors. mately makeusmoreproficient at Collegeprofessorswho take pride in If the presidential election is decided by a 2018 elections? “Anhonest vote count is no lon- our job.Wewerewise enough to re- attending to each psychological in- whisker,with Donald Trump or JoeBiden lead- gerpossible—ballotsmassively infected. Must alizewewerebeing nurtured and juryorissue of their studentsare ing by some thousands of votesinafew states, go with Election Night!” Remember HillaryClin- were in asafespace. denying the intellectual develop- acourt ruling could provedecisive. Thepivotal ton’sadvice this summer: “Joe Biden should not MITCH TEDESCHI, DVM ment that they will need if they jurisdictions will be flooded with Republican concede under anycircumstances,because I Midlothian, Va. have trauma severeenough to re- andDemocratic lawyers, and the resulting thinkthis is going to drag out.” quiretherapy.They areinfact dis- chaos could resemble the 2000 Florida re- Thefight would probably drag out in the Thirty-fiveyearsofteaching un- abling those they claim to help. count, with smudged postmarks as the new courts. Say it’smid-November,and absentee bal- dergraduates has taught me that not E. MORGAN, M.D., PH.D. hangingchads. lotsare being counted in akey state. Although all studentsrespond well to “shame Cary, N.C. Thesimple fact is that massmail voting intro- Mr.Trump retains amodest lead, mail votesare and fear.” No doubt some do,orMr. duces slack intothe election system. Unrealistic breaking 3to1for Mr.Biden. Perhaps the lawin Epstein would not tell us so.Tobe Iwas critiquing apresentation of “safe” means feeling able to contrib- one student when another student deadlines areone problem. Foranelection held this jurisdiction requires ballotstoarriveby utetocomplexclassroom discussion. interrupted with the following: “You on Nov.3,votersin10statescan request an ab- Election Day, so there’sapile to the side of thou- It isn’t some namby-pamby need of can’t saythat to us,it’snot good for sentee ballot on Nov.2,according to a report last sands of latedeliveries.Some aremissing post- snowflakepost-millennials. our self-esteem.” That was16years week by the U.S. Postal Service’sinspector gen- marks,and it’snot clear when they were mailed. What, exactly,iswrong with a ago, so those studentswould be eral. During this year’s primaryseason, the audit Thousands morehavebeen discarded forsus- teaching style which “integrate[s] about 36-40 yearsofage today. Ido says,morethan amillion ballotsweresent to pect signatures,but the rejection ratesare `methodological rigor,impactfulen- wonder about their current stateof voters in the seven days beforeanelection, plac- higher in urban areas. gagement, and human sensitivity’”? self-esteem. ing them “athigh risk” of tardiness. Thebest way to prevent this democratic de- This prizewinning Northwestern Uni- MIKE BASSETT ThePostal Serviceaudit describes howseven bacle is to act beforethingsget that far.Ifstates versity instructor sounds worthyof Wellington, Fla. USPS processing centersperformed from April tighten ballot deadlines nowand preparetopro- through June.About 8% of identifiable election cess mail votesbeforeElection Day, it would cut and political mail, or 1.6million pieces,was de- the risk of an outcome that causes half the coun- liveredlate. Don’t blame the newPostmaster trytoclaim it’sillegitimate. With each lawsuit Free Speech, Wrong Speech and Ivory Towers General, Louis DeJoy:Hetook over June 15. that putsthe count intothe hands of judges,this In “Free Speech Absolutism Killed ments do not teach astrology, for ex- Some states trytofactor in delays by count- nightmaregetsmorelikely. Free Speech” (op-ed, Aug. 31), Tony ample. Nor may a physics instructor Woodlief asseverates that one reason teach political organizing. Outside the academic commitment to free these contexts, the right of campus Jerry Nadler Loses to . . . Himself speech has declined is due to free free speech is properly much more speech advocates’ unreflective toler- wide open. In my view, the two erhaps you’ve read, a thousand times, House—only to the Senate. ance of ideas that are either morally realms should nourish each other at that the Trump Administration has ille- “Second, the Senatestatuteexpressly ex- or factually outlandish. the same time that they must remain Mr. Woodlief raises a serious point distinct. P gally resisted Congressional subpoenas cludes suitsthat involveexecutive-branch as- that calls for a more precise and Today’s increasingly politicized to block former White House counsel Don Mc- sertions of ‘governmental privilege,’” the judge thoughtful defense of vibrant free higher education too often com- Gahn from testifying.Well, afederal court ruled writes.Perhaps JudgeGriffith put “excludes” speech in academic contexts. Such a pounds the problem by dishonoring on Aug.31that House Democratsare the party in italics because he wasstartled that acom- defense is already in place in aca- both freedom and standards of truth- exceeding their legal authority (Committee on mitteeChairman would sue without knowing demia, but it needs to be reinvigo- fulness. the Judiciary v. McGahn). thelaw.The judgeobserves dryly that “we rated. First, the right to express an EM. PROF. DONALD A. DOWNS Readers maynot have heardabout this amid should not ignoreCongress’scarefully drafted idea does not mean the right to have University of Wisconsin-Madison the clamor of the presidential campaign. But a limitations on itsauthority to sue to enforce that idea respected or acted upon. In- Verona, Wis. panel of the D.C. Circuit Court of Appeals ruled asubpoena.” deed, the marketplace of ideas loses 2-1 that Rep. Jerrold Nadler’s House Judiciary Judge Judith Rogerswrites in dissent that its connection to truth if we neglect Tony Woodlief wants professors to Committeelacked a“cause of action” necessary the House can properly infer a cause of action the obligation to check and critique stop teaching ideologies that aren’t bad ideas and false claims. “reasonable” or “coherent” and to enforce itssubpoena. Thecommitteewants from itsArticle Ipowers.But this is the sort of Second, there is the vital distinc- should be “put to rest.” But who gets Mr. McGahn to testify about President Trump claim that Democratscall aviolation of the sep- tion between “academic freedom” to make those judgments? Better not and special counsel Robert Mueller,though Mr. aration of powers when Mr.Trump invokeshis and freedom of speech more gener- to teach any ideology at all. American Mueller had full access to Mr. McGahn’s per- inherent Article II authority.JudgeRogersmay ally. Academic freedom applies to universities used to focus on disci- sonal notes and referred on them in his 448- hope theliberal majority on the D.C. Circuit will speech in such formal settings as re- plines like biology and linear algebra page report on the Russia collusion myth. take an appeal en banc,asthey areincreasingly search, the classroom and hiring ses- and, yes, classical economics that try Thelegal simplicity of the majority opinion doing in political cases. sions, where standards of reason and to show students how the world actu- ought to embarrassMr. Nadler and House But the plain languageofthe statutewill be empirical validation must prevail ally works. These were, in Karl Pop- lawyers. JudgeThomas Griffith didn’t need hardtoovercome.Maybe next time Mr.Nadler, along with the unshakable commit- per’s phrase, “falsifiable.” Ideologies to invoke profound constitutional principles. who is allegedly alawyer,will passalaw giving ment to protecting ideas germane to don’t share this quality. He merely had to point out, first, that Con- the House a cause of action to enforce a sub- the topic at hand. Astronomy depart- ADJ. EM. PROF. STEPHEN M. MAURER University of California at Berkeley gressitself has never granted an express poena beforehumiliating his committeeand his cause of action to enforce asubpoena to the branch of government in court. Stop All Idiocy About Ben Franklin and Washington A Quick Way to Reduce Drug Prices, Increase R&D A Carolina Victory for School Choice Regarding your editorial “Benjamin Franklin, ‘Person of Concern’” (Sept. Theletters of Sept. 1(“Trump’s arentsinNorth Carolina struggling to rollment forkindergarten and first-grade 2): Ben Franklin, too? The mere con- BetterDeal forPricing U.S. Drugs”) gettheir children back to the class- students,which will nowgive1,000 kids on ceptualization of this ridiculous study aretoo narrowly focused in that P room have received some welcome the waiting list achoice. It allows the state’s by Mayor Muriel Bowser and her bu- they don’t mention the U.S. as one news.The stateLegislature’s two virtual charter schools reaucrats should in itself render the of the very few countries that allows District ineligible for statehood. But prescription-drug advertising.Ban $1.1 billion Covid-19 relief GOP legislators call to enroll an additional 3,800 if they decide to “relocate” the Wash- that advertising and pharma re- packageincludes aprovision Gov. Cooper’s bluff on students. ington Monument, I want to watch. search budgetscould likely double. expanding the state’sschool It also includes $335 in DOUG WOLFF GLEN FREIBERG choiceprogram. Cares Act relief money. “extracredit” grantsto Cincinnati Rancho Santa Fe, Calif. Thevictoryisall the families with children that moresignificant because canbeused foranything Now that Washington, D.C., has the state’sDemocratic Governor,Roy Coo- from privatetutorstoupgrading aWiFisys- discredited Benjamin Franklin as a Pepper ... per, came intoofficevowing to eliminatethe temfor betterremotelearning.Union-run “person of concern,” I am volunteer- And Salt program. In lateAugust he proposed taking public schools have no basis forcomplaint ing to be a collection point for all $85 million from the Opportunity Scholar- because the bill insulates school districts tainted currency bearing his name THE WALL STREET JOURNAL ship program while spending $360 million from budget cutsifthey report adecline in and image. ARTHUR MILLER fora$2,000 bonus forall public school enrollment. Athens, Ga. teachers. North Carolina’sdecision comes as This debateconcerned money from the un- Covid-19 has exposed the union-first, stu- If the mayor were to actually spent portion of the $4 billion that Congress dents-last priorities of traditionalpublic adopt such a silly, dystopian and rac- sent to the stateunder the Cares Act. North schools.Manyunion schools refuse to return ist proposal, it would clearly be time Carolina Republicans who control the Legisla- to in-person learning,while chartersand pri- for Congress to revoke the Home turemade school choiceacondition of sup- vate schools aredoing so.Parentsworried Rule Act and reinstitute full federal port forthe bill, and the Governor had to sign about their children falling behind arelearn- control of the District of Columbia. or risk losing all those unspent federal dollars. ing that the union schools’ take-it-or-leave-it DON W. CROCKETT As GOP stateSen. Rob Bryanput it, “no one approach leavesthem without options. Washington really wantstovoteagainst parental choice “North Carolina’sactions showwhat canbe Lettersintended forpublication in this climate.” done when legislators, even in astate gov- should be emailed to [email protected]. Thebill expands the Opportunity Scholar- erned by both parties,are willing to put party Please include your city, stateand ship voucher program by raising the income loyalties aside,” says Jeanne Allen, CEO of the telephone number.All letters aresub- limit forafamily of four to $72,000 from Center forEducation Reform. Let’shope more ject to editing,and unpublished letters “Can I start you off with cannot be acknowledged. roughly $63,000.Italso lifts the caps on en- states followNorth Carolina’slead. an anti-depressant?” P2JW252000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | A17 OPINION The Fed Puts Its Independence on the Line

By Kevin Warsh the Constitution. And itspowers are prices otherswon’t. Even if the cen- restrained by the Constitution’s tral bank were to pull back its sup- merica’sFounding Fathers other six articles. port forcorporateand municipal arehaving averybad year. TheFederal Reserverestsonless- bonds,tradersbelieveitwould step Their names sullied. Their settled ground, so itssuccess and up again in a pinch. A likenesses defaced. The survival are less certain. America’s Main Street is rightly morecir- principles they pro- two prior experimentswith an inde- cumspect about the Fed’slargess.In- nounced attacked. Of greatest conse- pendent central bank failed. The terest-ratecutshaveamuch more quence, the institutions at the core Fed’srecent centennial celebration is direct and significant effect on the of our republic are being tested. only amark of longevity,not aguar- real economythan the latest Fed Commentatorstend to anthropo- antee of permanence. machinations do.But thereisno morphize the most prominent inde- TheFed’sformal authority comes room left to cut interest rates. And pendent government institutions: from a congressional statute. The Main Street firms are receiving far theRobertsCourt and the Powell real source of itspower, however, is lessfiscal and monetarysupport Fed. Theperson atop is regularly morediffuse and fleeting.Since than Wall Street. glorified or vilified. Yet the institu- Chairman Paul Volcker’s tenure Bipartisan majorities in Congress tion matters more than the person. (1979-87), the Fedhas developed a arepraising the Fed’sexpanded role. Liberal democracyrelies on the strong institutional culture: an apo- THARD TheFed’sgrowing purchases of the GO strength and resilienceoflongstand- litical bearing,aresistancetowhims, government’sexpanding debt lowers VID

ing entities,especially when popular adurable record of ensuring price DA the costsoffiscal spending.Mr. sentiment is running hot and cir- stability and astrong sense of colle- Powell’sapolitical demeanor and re- cumstances aregrave.People in po- giality and mission. Itssuccesses— tively stable output and inflation of the Fed’snew policyregime: Infla- lationship-building effortswith law- sitions of powerare flawed, the whipping inflation in the Volcker era, would continue uninterrupted. tion has been running toolow fora makershaveprovided the institu- Founderswarned, so the institutions encouraging aproductivity surge in As recently as this January, Fed decade.Monetarypolicyhas long tion with substantial leeway.But in our government must be robust, the Greenspan era(1987-2006), re- leadersassured the public that even been tootight. Themonetaryspigot elected representatives canbe sponding with imagination and acu- if the economyweakened signifi- must be opened wider to gettoa fickle.Ifthe last crisis is aguide, ity to the financial crisis in the Ber- cantly,the policymix of the 2008 higher averageinflation rate. the recriminations will come once Thecentral bank is on a nankeera (2006-14)—have enhanced crisis—ratecuts, purchases of Trea- If the economydoes well in com- thepanic recedes. itspower. surys and agencysecurities,and for- ing quarters, Iexpect the Fedwill ex- Fornow,the Fedsitsatopthe one-way path to alarger Yetthe Fed’srecent errorsare ward guidance—would ensurefinan- pand significantly the scale,scope commanding heightsofthe econ- role in our government equally clear.Itcame intothe past cial and economic stability. and duration of itsasset purchases.If omy—itsgrowing authority unques- two major shocks as surprised and ill- Then the pandemic hit. Theecon- the economyweakens or financial tioned, its pride manifest. But over and economy. prepared as the economyitoversees. omy collapsed and financial market marketsfall, the Fedwill do even time,citizens in aconstitutional sys- TheFed missed the decadelong win- prices followed. TheFed wasonthe more. This is what political scientists temtend to grow wary of omnipo- dowbetween the 2008 crisis and this precipiceoflosing itshard-earned call path dependency. When an insti- tent institutions. resilient and responsible.Our finest year’s pandemic to prepareand re- credibility and vaunted status.With tution sticks to apath forsolong,it TheFed is exercising understand- institutions are well-designed, rich form. Itspolicies arepredicated on a few good options, it was compelled finds itsoptions limited, detoursdif- able but unprecedented poweratan in tradition and humble in orienta- typicalbusinesscycle.Yet unantici- to double down. It made lowinterest ficult and exitsinfeasible. ahistorical moment. Without vigi- tion. They must defend themselves pated shocks put the Fedatfar rateslowerand itsbig balancesheet TheFed is on aone-way path to a lance, it will risk morphing intoa against unexpected shocks that can greater distancefromits employment bigger. largerrole in our economyand gov- general-purpose government agency. harm them and those they are and inflation objectives than normal That wasn’t enough. The2008 ernment. On the current trajectory, Americacannot affordtohaveits charged to serve. downturns do.The Fedneeds arobust playbook of shock and awe had be- the Bank of Japan might be the central bank lose its independence, TheSupreme Court is an inde- ex anteplan to mitigateeconomic come tooroutine to provide suffi- model for Fed policy: a large buyer gravitas and record of success.To pendent institution that has long harm from major shocks. cient stimulus this time. So the Fed of public stocks and an indistin- paraphrase Ben Franklin on the in- facedpolitical and social scrutiny. Beginning in 2011, the Fedmade a crossed redlines that had stood for guishable partner with fiscal author- stitutional challenge: acentral bank, Itsdecisions,howeverdivided and big institutional bet on abenign acentury. It backstopped private ities.The unimaginable canbecome if you can keep it. divisive, arethe unquestioned lawof forecast. It wageredthat the long corporate bonds and public munici- the inevitable. the land. Thecourt’sdoctrine of period of relative prosperity would pal securities, including some with What hasbeen the response to Mr.Warsh, aformer member of staredecisis (deferencetoprece- continue without another shock.The dodgy prospects. Fedflexing? Most on Wall Street are the Federal Reserve Board, is a dis- dent) and the lengthyappellatepro- global financial crisis of 2008 would In his addressatlast month’sJack- thrilled. They quitelikestimulus for tinguished visiting fellow in econom- cess serveasbulwarks.Its founda- be the great aberration to the Great son Hole conference, Chairman Je- all seasons and all reasons.The Fed ics at Stanford University’s Hoover tion is laid firmly in Article III of Moderation; the long period of rela- rome Powell unveiled the conclusions will buy assetsothersdon’t and pay Institution. The ‘Resistance’ Sows Distrust in the Electoral Process

than “it’sthe kind of thing he in arerun of the meticulously liti- November would represent the po- administration and forced the re- would say, so it must be true.” gated Bush v. Gore (2000). litical validation of ayearslong ex- moval and conviction of some of his But the timing is certainly inter- There’salargercrisis of legiti- traconstitutional effort to discredit, key political allies. FREE esting,The revelation came the day macy that hauntsthis election and delegitimizeand ultimately destroy They maysuspect that influential EXPRESSION before the firstballotsweresent to beyond. Democracyrestsonthe him. figuresinthe permanent bureau- By Gerard Baker voters,atamoment when Demo- fragile foundation of consent—pri- Manyofthose voters maycome cracy, the intelligencecommunity crats, including JoeBiden,have marily the consent of the losersto to think that the long campaign of andthe militaryundermined the eliveinanage of hyper- been putting it about that the mili- the outcome of an election. If the protest accompanied oftenbystreet presidentatcritical times,selec- W activist journalism and tary might be needed to forcibly losersfeel that they have been violence and intimidation succeeded tively leaking information designed supercompressed news cy- eject Mr.Trump from the White cheated, that the winnershave in persuading enough voters to to weaken his position and thwart cles,one in which eager leakersin- House were he to refuse to accept heed the warning by Mr.Biden that his policyinitiatives. side the Trump administration are the result of the election. the unrest will continue unlessMr. They will surely find that an al- primed to runtothe nearest re- Chancesare this rhetorical ex- The specter of tanks on the Trump is defeated. most monolithically one-sided porter everytime they hear some- tremism is just that. Thespecter of They may believe that state gov- press, which has abandoned even thing they don’t like. So the cyni- tanks on the WhiteHouse lawn is White House lawn is one ernmentsand mayors politically op- the pretense of objectivity,partici- calreader canbeforgiven alittle fornow just another of the devices more scare tactic intended posed to the president have in pated eagerly in all this,often skepticism when astory about an Democratsare using to scarepeople manyplaces manipulated apublic- backed by leadersofevermore eventthat is said to have hap- intovoting in large numbersfor Mr. to delegitimize Trump. health crisis fortheir ownpolitical powerful technologycompanies. pened nearly two yearsago sur- Biden. ends: enforcing lockdowns that sup- This is no ordinarycase of a faces two months beforeapresi- Butthe level of distrust in the presseconomic activity in the hope healthypluralism at work in avi- dentialelection. political processishigher than ever. playedbyaset of rules that have of weakening the president’ssup- brantdemocracy. Four yearsago a We have no way of knowing if With mail-in voting expected at re- redefined politics in their ownnar- port and creating the impression resistancetothe democratically PresidentTrump said those cruel cord levels,and practiced mostly by rowinterest, the losersmay with- that only avotefor Mr.Biden elected president wasfounded. Em- things on his trip to Francein2018 supportersofthe Democrats, the hold their consent. Thefragile foun- would alleviate the suffering. braced by some of the most power- about militaryveterans who died at chances aregood that Mr.Trump dations areeroded further. Looking further back over this fulfigures in civil society and gov- war, as four anonymous sources will lead aftervotes submittedin It’sthis,rather than specific con- presidency, they may conclude that ernment, who simply refused to told the Atlantic.Given some of the person arecounted the night of cerns about mail-in ballotsorvoter the law-enforcement arm of the consent to the election result, it has cruel thingsthe president has ut- Nov.3,only to have the win seized suppression, that is the largest federal government wasused to done itsjob.The risk in this elec- teredbefore, it’ssurely possible, from him as the postal votesare threat to postelection America. To target Mr.Trump and his team in tion is that it mayhavespawned though reporting did oncerequirea counted over the next few days.It’s alarge number of the president’s an unfounded investigation that ever more resentfuland determined slightly higher evidentiarystandard aslim hope that this gets resolved supporters, Mr.Trump’sdefeat in consumed the first2½yearsofhis successors. I Hope American Soldiers Read Stars and Stripes Forever

By Seth Lipsky supposedly quipped that Stripes was journalism weak tea, went on to from their prisoners. In 1945,that coming under fire.Alone on the jun- wherethe brassassigned those GIs found the NewYorker. wonMauldin the Pulitzer Prize. gle floor,surrounded by the enemy, t’snicetosee that tweet from who,iflefttothe regular Army, Stripes’ most famous figure was My owntime on Stripes wasdur- he could hear bamboo on fire going I PresidentTrump that “America would contributetothe Allied defeat. itsWorld WarIIcartoonist, Bill Maul- ing the warinVietnam, whereI “pop,pop,pop.” will NOTbecutting funding” for It wasawry libel. Stripes wasalways din, who created the archetypical GIs served as acombat reporter.I’ve What didhedo? He kept “praying the GI daily Stars and Stripes.Hewas plenty patriotic,but also indepen- Willie and Joe. Those two haplesshe- that Jesus Christ’swill be done.” His responding to reportsthat Pentagon dent,inthe newspapermanly way. roes exemplified the American grit buddies came back to rescue him. budgeteersweregoing to shut the Thetradition that the paper would that wonthe war. “I can’t git no Theindependent-minded Stripes ranout the storyunder the paper down by the end of September be reported and edited by enlisted lower, Willie,” Joecalls out in one headline: “Trapped Pacifist GI Sticks forthe lack of $15 million. Even Con- men goes back,legend has it, to strip, as he hugsthe ground under militarynewspaper has to His ‘Guns.’ ” gressprotested. World WarI.That’swhen the ser- fire.“Me buttons is in th’ way.” patrioticallytold GIs’ My favoriteexample of the spirit I’mnot heretoplump forsubsi- geant who wasits managing editor Another classic shows Willie and of Stripes involves two of itsGIre- dies forStripes,eventhough it ranks gotarrested in an argument over a Joehelping lead agroup of prisoners storiesfor 150years. porters, Spec.4Jack Fuller and Spec. among the greatest newspapersofall comma—or,one version has it, for through the rain and mud. Thecap- 5Phil McCombs. When U.S. and time.Ifthe government doesn’t want getting scooped by the Paris Herald. tion: “Fresh-spirited American troops, South Vietnamese forces plunged to support the paper,myinstinct Theofficer who precipitated that ca- flushed with victory, arebringing in never been in anewsroom Ididn’t into an area of Cambodia known as would be to see if aprivateowner tastrophe quickly realized his error, thousands of hungry, ragged, battle- love, but it would be hardtobeat the the Parrot’sBeak,they grabbed asta- canmakeagoofit. Rather,mypur- and freed the sergeant to getthe pa- wearyprisoners. (News Item).” The band that coveredthe warfor tion wagonfromStripes’ circulation pose is simply to savorStars and per out. gagisthat Willie and Joeare them- Stripes. department and racedtothe border Stripes. Thesergeant wasHarold Wallace selves so ragged and battle-weary One wasanunassuming GI named in pursuit of American armor.Once During World WarII, some wag Ross, who,nodoubt finding postwar that it is hardtodistinguish them Bill Toliver,who in civilian lifehad inside Cambodia, though, they were studied botany. One dayinSaigon, he met with an ominous sign—every- received aletterfromhis professor thing wasdeserted. They pressedon Notable & Quotable asking forhelp finding arare—and until they encountered, in abombed- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY poisonous—yellowflowerthat grows out village, an American officer por- Rupert Murdoch Robert Thomson From aSept. 3 report by San only in the remoteCentral Highlands ingoveramap.Hewould answerno Executive Chairman, News Corp Chief Executive Officer, News Corp Francisco’s KNTV: of Vietnam. Spec.4Toliver borrowed questions. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher aflowerpress from the University of Finally,Spec.5McCombs asked, Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: For months, the city of San Fran- Saigon and disappeared intothe most “Howfar canwegountil someone Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ciscohealth order has prevented lo- dangerous hills in Vietnam. Aftera kills us?” Thepreoccupied officer ap- Jason Anders, Chief News Editor; Louise Story, Chief Natalie Cerny, Chief Communications Officer; calgyms from opening [their] doors, week of silence, we were preparing to peared to be doing the math in his News Strategist, Product &Technology Officer Kamilah Mitchell-Thomas, Chief People Officer; EdwardRoussel, Chief Innovation Officer; but some city-owned gyms have been report Spec.4Toliver missing in ac- head.“Eight klicks,” he said, finally. Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer back open formonths and areallow- tion when he walked intothe bureau Thereportersjumped back intotheir Features &Special Projects; Andrew Dowell, Asia; ing city employees to use them. . . . andproudly produced the poisonous station wagonand droveuntil they AnthonyGalloway, Video &Audio; Brent Jones, OPERATING EXECUTIVES: Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; “It just demonstrates that there petals.Stripes ranthe storyunder caught up with the American Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; seems to be some kind of adouble theheading “Combat Botanist.” tanks—12 kilometersupthe road. Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; standardbetween what city employ- Stripes had the best headline writ- That wasthe spirit of Stripes.The MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; ees areallowedtodoand what the ersI’veeverencountered. One classic papermay have had itsbrushes with Thomas SanFilippo, Customer Service; residentsofSan Franciscoare allowed ranoverastory about aconscien- the brassand budgeteersoverthe GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; to do,” said Dave Karraker, owner of tiousobjector medic—a religious years. In covering forAmerican GIs Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; MX3 Fitnessinthe Castro. Christian—who refused aweapon as their ownastounding story, though, Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International He said thereisaslight silver lin- he wasloweredintocombat to rescue Stripes always went the extraklick. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; ing to this discovery. anysurvivorsfromadowned chop- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head “What the city has unwillingly per.The unarmed medic managed to Mr. Lipsky is editor of the New

EDITORIAL AND CORPORATEHEADQUARTERS: done is created this great case study getthe wounded out, but when it York Sun. As an enlisted man in the 1211 Avenue of the Americas, New York, N.Y., 10036 that says that working out indoorsis came time to lifthim out, he waved Army,heserved on Stripes in Viet- Telephone 1-800-DOWJONES actually safe,” said Karraker. away his ownchopper because it was nam, 1970-71. P2JW252000-0-A01800-17FFFF5178F

A18 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL.

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S&P Closed (3426.96) S&P FIN Closed S&P IT Closed DJ TRANS Closed WSJ $ IDX À 0.23% LIBOR 3M 0.242 NIKKEI (Midday) 23211.11 À 0.52% See more at WSJ.com/Markets Samsung Wins Big 5G Contract Seed Curbs Unlikely BY ELIZABETH KOH rectly related to 5G.Verizon Among 5G network sales, Samsung said in 2018 that ternet. Verizon officials have didn’t respond to arequest for Samsung ranks No.4with it aimedtocaptureone-fifth previously pledged not to use SEOUL—Samsung Elec- comment. about 13% of the totalmarket, of the global 5G market by Huaweifor itsnext-generation To Stop tronics Co.has signed a$6.65 TheVerizon deal could help according to market research next year.Itisakey growth rollout. Samsung has supplied billion contract with Verizon bolster Samsung’s credibility firm Dell’OroGroup.The com- area forthe South Korean con- some network gear forprior Communications Inc.for net- with carriers in an important panytrails the topthree, glomerate, along with ad- generations including 4G LTE. Mailings work equipment and services, year for5Grollouts, especially which include China’sHuawei vanced semiconductorsand To Samsung,the deal repre- amajor boost to the South Ko- in the U.S.,analystssaid. Technologies Co. and the Eu- biopharmaceuticals. sentsamajor 5G win. Thecon- BY JESSE NEWMAN rean company’squest to be- Adoption of the next-genera- ropean firms Ericsson AB and Thecompany’sambitions tract, valued at 7.898 trillion AND JON EMONT come a key 5G supplier. tion technologyisexpected to Nokia Corp. have been given amajor boost South Korean won ($6.65 bil- Samsung’s agreement with expand significantly after the Huaweisaid early this year by Washington’s campaign to lion) over five years, compares E-commerce giantsare en- Verizon runs through the end expected launch later this year that it had signed morethan limit Chinese competitor Hua- with the roughly 5trillion won acting newrestrictions on the of 2025 and primarily covers of Apple Inc.’sfirst 5G-enabled 90 5G contracts, and Ericsson wei, as the U.S. pushes allies Samsung’snetwork business sale of seeds,but the moves 5G infrastructure, though it iPhone. last month touted its100th 5G to forego Huaweigear over racked up in revenue in 2019. areunlikely to eliminatethe broadly includes network- Global adoption of the next- “commercial agreement.” national-security fears. Last year,5Grepresented tactics government officials equipment sales,installation generation phones has been Samsung hasn’t divulged Verizon joined with Sam- less than half of Samsung’s andindustryexpertssuspect and maintenance, according to delayedbythe coronavirus how many 5G contracts it has sung long before 5G made its network business, of which arebehind the mysteryseeds aMondaycorporatefiling in pandemic.Handset makersare signed.But the companyhas debut in smartphones last U.S. carriersaccounted for caper that gripped the world South Korea. already dropping prices for5G high hopes, having invested spring. In early 2018, the two 10%, said S.K. Kim, aSeoul- this summer. Samsung declined to spec- devices,looking to entice more than $30 billion in the companies teamed up fortrial based analyst with Daiwa Se- Amazon.com Inc.isbarring ifyhow much of the deal is di- skeptical buyers. U.S. market alone. runs of 5G-powered home in- curities. foreign sales of seeds intothe U.S. and e-commerce company Wish will ban the sale of seeds. Greener Energy Amazon said sales of plants from outside the U.S. would Utilities areusing wind and solar powertocreatehydrogen from also be barred and some over- waterusing aprocess known as electrolysis. seas sellerswould have their of- Howanelectrolyzer works fers removed from the site. A representativefor SanFran- POWER SUPPLY 2 cisco-based Wish cited an “on- (wind or solar) going threat to U.S. consumers.” ELECTRON Thee-commerce companies’ ANODE (—) actions to restrict and elimi- ) nateseed sales came after ELECTROLYTE (O2 EN YG thousands of people in the U.S. CATHODE (+) OX over the past few months re- ceived seeds by post they say they didn’t order. Most were postmarked from China, and 2 theshipmentswereoften la- 1 beledasjewelry, toys or other goods. Canada and the U.K. are among other countries that 3 have also experienced the phe- nomenon.

) JOURNAL 2 In discussing their investiga- (H HYDROGEN

OGEN ION REET tions intothe mysteryseeds, ST HYDR U.S. officials have raised con- LL cerns about the ease of import- 1 Watermolecules 2 The electrons 3 At the cathode, WA ing seeds online,citing threats

split at the anode flowthrough an the hydrogen THE

R to American agricultureposed into oxygen and external circuit ions combine FO by pestsordiseases that such

positively poweredby with electrons to SS shipmentscould contain. E- charged renewable form hydrogen AU

hydrogen ions. energy and the gas. KR commerce expertssay that re- N

hydrogen ions DA stricting online seed sales will move acrossthe The Los Angeles Department of Water and Power is heading an effort to convert a power plant in PleaseturntopageB5 Source:Energy Department electrolyte. Utah, to run on natural gas and hydrogen produced with excess wind and solar power. Utilities Look to Switch to Green Hydrogen Citigroup Feuds With BY KATHERINE BLUNT bon-free power. Utilities and operatives, has long been one ergy resourcesfor LADWP.But natural gasthrough carbon- policymakersare beginning to of Southern California’s most he said the utility considersthe emitting processes.The pro- U.S. utilities areincreas- viewthe technologyasneces- significant power sources. conversion along-term invest- duction of green hydrogen Hedge Fund ingly exploring the use of sary to support ambitious re- Thegas turbines,slated for ment in changes that lawmakers eliminates those emissions by what is called green hydrogen newable-energy goals. completion in 2025,will ini- and regulatorsare requiring. using renewable energy to Citigroup Inc.and abig made from wind and solar en- TheLos Angeles Depart- tially burn a30% hydrogen fuel And the priceofgreen hydro- strip hydrogen atoms from hedge-fund client arelocked in ergy to reduceemissions from ment of Waterand Power, the mix.Within two decades,they genisexpected to become more watermolecules through a an uncharacteristically public power plants and pipelines. nation’slargest municipal util- areexpected to runentirely on competitive. “The costsare go- processcalled electrolysis. feud that has embroiled topex- Theearly investmentsby ity,isspearheading a$1.9bil- hydrogen to comply with aCal- ing to go one direction, and Currently, 1% of the hydrogen ecutives at both firms and laid companies including NextEra lion effort to convert acoal- ifornia lawthat requires the that’sdown,” said Craig Wag- produced is green hydrogen. Energy Inc.and Dominion En- firedpowerplant in Utah to state’selectricity supplies to be staff, Dominion Energy’s senior Arelatively small number By Matt Wirz, ergy Inc.are expected to help runonnaturalgas and hydro- carbon-free by 2045. vicepresident forWestern gas of electrolyzers were deployed Becky Yerak and commercializeacostly tech- genproduced with excess “Fromacost perspective, it distribution. PleaseturntopageB2 Alexander Gladstone nologythat has been slowto wind and solar power. The doesn’tcompetewith natural Hydrogen, which is used in develop despiteits ability to plant, which serves numerous gasatthis point,” said Paul a range of industries, is most  Heard on the Street: Coal barea$900 million mistaken provide asteady source of car- small utilities and electric co- Schultz,director of external en- oftenproduced from coal or gets a charge...... B10 paymentbythe bank. At the root of the dispute: Citi’srole helping billionairein- STREETWISE vestor Ron Perelman restruc- By James Mackintosh AirlinesFight ForPassengersatAll Costs turethe corporateloans of cos- metics company Revlon Inc. Some investorswanted Citi to BY DOUG CAMERON bowout of the transaction; Where the when it didn’t, they blamed the Millions of passengershave bank forfacilitating adeal that yettoreturn to flying since hurt their investments, accord- Danger Is the pandemic started, but ing to people familiar with the cash-strapped airlines are matterand court documents. showing they areready to Chief among those investors: When Tech competefiercely forthose who $28 billion money manager Bri- do travel. gade Capital Management LP. With demand stuck at Until recently,Brigade and

Rallies roughly one-third of prepan- S itsfounder,Donald Morgan, demic levels,the industry had worked closely with Citi. NEW

It’s been a faces alean post-Labor Day G Brigade had hired Citi to help it terrible to be season. This year,most of the raise at least $1.5billion of new

an Apple travel linked to businesscon- OOMBER loan funds over the past two

shareholder ventions and family holiday /BL years, according to S&P Global lately. Yet, af- gatheringsjust won’t happen, Market Intelligence. Thebank

ter falling 8% airlineexecutives said. MORRIS hadalso advised Mr.Morgan

on Thursday and swinging Airlines appear poised to UL on potential merger-and-acqui- wildly to end flat on Friday, fight for the business that is PA PleaseturntopageB2 VID

the price is back down to out there. United Airlines DA where it wastwo weeks ago. Holdings Inc.’spledgelast United’s pledge last week to end ticket-change fees was quickly matched by other major carriers. Investorsmight reasonably week to end changefees on worrythat this is the start of most ticketswas quickly west Airlines Co. stored by the industryinclude U.S. carriersare still burn- INSIDE abiggercorrection. There matched by American Air- United Chief Executive those to Mexicoand the Flor- ing around $6 billion in cash wasfar toomuch enthusiasm lines Group Inc., DeltaAir ScottKirby said he doesn’t ex- ida beach markets as well as each month, according to forthe big disruptivetechnol- Lines Inc, Alaska Air Group pect demand to reach 50% of destinations including Colo- trade group Airlines forAmer- ogystocks,soprices could go Inc. and Hawaiian Holdings prepandemic levels until a rado that offer outdoor pur- ica, and have responded by down alot more. Yet, there Inc. Relaxingdomestic ticket- vaccine or treatment becomes suits. Southwest is adding furloughing staff,retiring old arestill good reasons forlik- change fees will cost airlines widely available, and the in- flightsfor the firsttime to Mi- planes and deferring newair- ing companies whose growth hundreds of millions of dollars dustryexpectsitcould be ami and Palm Springs, Calif., craftdeliveries.Industryem- has been helped rather than in lost revenue when passen- three or four yearsbefore with American targeting pas- ployment has fallen by over hindered by the pandemic. gerbookingsstart to improve, 2019 passenger levels arere- sengersheaded to Florida and one-fifth to 400,000 sincethe To assessjust howbad but it is a loss aimed at win- gained. Chicago-based United Mexico. However, flying is be- start of the year,the Labor De- thingscould get, we should ning back customers. Mean- said Fridaythat it planned to ing reduced to dozens of other partment said Friday. start by examining the warn- while,competition is intensify- fly46% of itsschedule in Oc- cities as the industryshrinks. By itself,the lossofrevenue ingsthat have been flashing ing as airlines restoreor tober compared with the same United’smovetokill change from relaxing the fees is lim- recently.I’ll do that in this expand flightsonalimited month last year.Itisrestoring fees—at atime demand, flying ited, and airlines have some BUSINESS column, then in subsequent number of popular routes. serviceon50routes and limit- schedules and passenger behav- relief from fuel prices, which Netflix founder is ones come back to the ques- “It does seem like airlines ing flying on quieter days by ior areinsuch flux—is asign aredownabout 40% from a eager forstaff to go tions of what is likely to trig- aretrying to take alittle bit of reducing frequencies, target- airlines aretaking competitive year ago. Still, items like geramajor reverseinthese their neighbors’ business,” ing customers seeking week- risks sooner than manyinves- changefees,baggage charges back to the officeonce popular stocks,whether it has said Andrew Watterson, chief endgetaways. tors expected, Stifel airline ana- and loyalty programs have vaccine is ready. B5 PleaseturntopageB9 commercial officer at South- Among the flightsbeing re- lyst JoeDeNardi said. PleaseturntopageB2 P2JW252000-4-B00200-1------XA

B2 | Tuesday, September 8, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A - F Donut Technologies....B4 S Air Canada...... A9 Epic Games...... B4 Samsung Electronics..B1 Air Europa Líneas Etihad Airways...... A9 SAP...... R5 Aéreas...... A9 Facebook...... B9 Schroders...... B10 Alaska Air Group...... B1 Ferrari...... B9 Semiconductor All Nippon Airways....A9 Fiat Chrysler Manufacturing Alphabet...... B9 Automobiles...... B9 International...... B4,B9 Amazon.comB1,B3,B9, Fidelity Investments..R8 Singapore Airlines...... A9 B10 Franklin Templeton.....R8 Sixth Street Partners.B2 American Airlines Group H - R SoftBank Group.....B3,B9 B1 Southwest Airlines....B1 Hawaiian Holdings...... B3 American Century Spirit Airlines...... B1 HPS Investment Investments...... R8 Symphony Asset Partners...... B1 Apex Energy Teterow.B2 Management...... B1 Hua Hong Apple...... A1,B1,B4,B10 T AT&T...... B2 Semiconductor...... B4 BioReference Huawei Technologies.A9 Taiwan Semiconductor Laboratories...... A6 KKR...... B2 Manufacturing...... B4 BlackRock...... R10 Microsoft...... B3,B9,B10 Tencent Holdings..A9,R5 Boeing...... A1 Neiman Marcus...... B2 Tesla...... B10 Brigade Capital Netflix...... B5 T. Rowe Price...... R8 Management...... B1 NextEra...... B1, B2 U ByteDance...... A9 Norwegian Air Shuttle CK UBS Group...... R5 TO Carlyle Group...... B2 A9 United Airlines...... A9,B1 Carnival...... B9 Octagon Credit United Microelectronics

Citigroup...... B1 Investors...... B2 B4 SHUTTERS Danone...... B10 Pacific Investment V A/ Davidson Kempner Management...... B2 Capital ManagementB2 PG&E...... A3 Verizon Communications B1 SMITH/EP Delta Air Lines...... B1 Puma...... B10 W.

Diageo...... B10 Realism Labs...... B4 W Y Dominion Energy...... B1 Revlon...... B1 Walt Disney...... B2 LARR The luxury retailer is poised to come out of bankruptcy having shed $4 billion of its $5 billion debt load. INDEX TO PEOPLE Neiman Restructuring Approved A Hastings, Reed...... B5 P Ablin, Jack...... R5 Holland, Mike...... R10 Perelman, Ron...... B1 BY SOMA BISWAS fund manager Dan Kamensky, court records. Neiman is estimated to be Acampora, Ralph...... R5 J R wasarrested and chargedin Investorstraded debt for valued at morethan $2 billion Assange, Julian...... A8 Jackson, Luke...... B10 Riskin, Ross...... R9 Abankruptcy judgesigned connection with his effortsto equity,wiping out much of the as it emergesfrombankruptcy, B Johnson, Ben...... R8 Rochester, Jordan...... B9 offonNeiman Marcus Group acquireaprized pieceofNei- debt Neiman accumulated according to documentsfiled Bloom, Nicholas...... R6 K Roemer, James...... R2 Ltd.’s restructuring plan, end- man’sbusinesswhile shutting through two separatelever- by itsbanker,LazardLtd. Rosenbluth, Todd...... R8 C Kleinhanzl, Brian...... B1 ing one of the firstmajor chap- down arival bid. aged buyouts, the latest of Thebankruptcy proceedings S Calhoun, David...... A9 Kujawa, Rebecca...... B2 ter11filingsafter the Covid-19 Theluxuryretailer is poised which put the companyinthe took aturn Thursday, when Cohen, Joshua...... R9 L Schultz, Paul...... B1 pandemic forced thousands of to come out of bankruptcy hav- hands of Ares Management federal prosecutorsinNew Corbat, Michael...... B1 Sealy, Will...... R9 businesses to shut their doors ing shed $4 billion of itsmore Corp.and the Canada Pension York arrested Mr.Kamensky,a Lamb, Dave...... R10 Coval, Megan...... R9 Shu, Roland...... B4 Lee, Edison...... B4 this spring. than $5 billion debt load. Nei- Plan Investment Board. bondholder who had wageda D Slott, Ed...... R4 Lo, Andrew...... R6 Snyder, Shawn...... B10 “Neiman Marcus todaywill man will have newowners, in- Thecompanyopted to hold legal battle against Neiman and DeNardi, Joe...... B3 Louney, Christopher.B10 Stovall, Sam...... R getasecond chancetoremake cluding Pacific Investment on to the majority of itsname- itsownerssince2018. Dergarabedian, Paul...B2 Lydon, Tom...... R8 W itself,” the company’slawyer, Management Co., Davidson sakestoresinbankruptcy but He waschargedwith securi- E M Wagstaff, Craig...... B1 MatthewFagen of Kirkland & Kempner Capital Manage- to close most of itsdiscount ties fraud forallegedly sup- Emanuel, Julian...... B10 McCormick, James...... B9 Z Ellis LLP,said at ahearing in ment LP and Sixth Street Last Call locations.Retailers pressing bids forMyTheresa, the U.S. BankruptcyCourt in Partners LLC.Pimcowill be oftentakeadvantage of the the retailer’s prized e-com- H McLaughlin, Ish...... B2 Zhang, Linda...... R2 Hackett, Shawn...... R2 Mies, Andrew...... R2 Zogheb, Richard...... B2 Houston. thelargest shareholder,con- ease of breaking leases under merce business. Mr.Kamensky Haefele, Mark...... B9 Morgan, Donald...... B1 Zuckerberg, Mark.....B10 Theruling came afterthe trolling three of the company’s the chapter 11 code to close un- is founder of hedge-fund firm Hahn, Dan...... B2 Mueller, Florian...... B4 Zweig, Martin...... R10 company’schief critic,hedge- seven boardseats, according to profitable stores. Marble RidgeCapital LP.

tween the competing interests according to people familiar But days passed without Citi erational error of this natureis Citigroup of itscorporateand investment with the matterand court docu- resigning.The bank felt it unacceptable,” aCiti spokes- clients. Yearsago, banks typi- ments. Symphonyand HPS both couldn’t do so because the woman said. “Wehaveput sig- cally served one group or the declined to comment. credit agreement with Revlon nificant, additional controls in Feuds Over other. Today’smegabanks are Thelenders’ beef?They be- required it to firstget consent placeuntil the newsystemis one-stop shops that serveclients lieved Citi washelping Mr. from the companyand appro- operational.” acrossthe financing and mar- Perelman’sRevlon restructure priateinstructions from lend- As soon as Citi realized its Payment kets spectrum, sometimes leav- itsdebt in away that would de- ers, aperson familiar with the mistake, executives began try- ing them in what canappear to pressthe value of their invest- bank’sthinking said. ing to clawback the cash. Ish be conflicted positions. mentsand lowertheir odds of In early May, Revlon com- McLaughlin, the bank’stop ContinuedfrompageB1 ForCiti, the dispute, and es- being fully repaid, according to pleted thedebt restructuring. salesman in NorthAmerica, sition opportunities forBrigade pecially the mistaken payment, people familiar with the matter In itswake, the loan held by sought return of the money in previous years, people famil- have added to astring of mis- S and court documents. Thebank Brigade and other investorsfell from senior executives he

iar with the mattersaid. steps over the past decade, NEW helped Revlon with aseparate to avalue of around 32 cents knewatfirms that received G NowCiti and Brigade are raised questions from analysts transaction that gaveitthe on the dollar.Ithad been payments, people familiar with slugging it out in court,cutting about the bank’sinternal con- votesneeded to push the re- quoted by tradersataround 70 the mattersaid. Mr.Corbat ties and arguing over the re- trolsand drawnthe attention OOMBER structuring through. centsbeforethe transaction also called fund managers, turn of around $170 million the of regulators. Revlon hassaid it would vig- wasannounced, according to they said. LEE/BL

fund received when the bank “The management team has JIN orously defend itself against AdvantageDataInc. Some firms,such as Carlyle accidentally paid Revlon lend- acknowledged in the past that Until recently,Donald Morgan, the “meritless” lawsuit. It said Theunhappy lendersbegan Group Inc., KKR &Co. Inc.and ersabout $900 million. Citi it hadcredibility issues,soit had worked closely with Citi. afterthe lawsuit wasfiled that preparing alawsuit accusing Octagon Credit Investors LLC, even took the extraordinary doesn’t help that,” said Brian the lendershaveresorted to Revlon and Citi of fraud and sent the money back,people fa- step last month of backing out Kleinhanzl,amanaging director Mr.Morgan, aformer high-yield baselessaccusations to tryto breach of contract. They sued miliar with themattersaid. Bri- of anearly completed deal to at Keefe, Bruyette &Woods Inc. bond analyst, typically avoided. enrich themselves and hurt the through an agent chosen to re- gade and others, still furious arrangea$400 million collater- Past examples include afine While Brigade waslaunched pri- companybyblocking Revlon placeCiti, UMB Bank NA,in with Citi over theRevlon re- alized loan obligation forBri- in 2018 for failures in anti- marily as ahedge-fund manager from exercising itsrightstose- federal court in NewYork on structuring,refused and said gade as well as another deal money-laundering controls,the in 2006 andsometimes plays an curethe financing needed to Aug. 12. the cash belonged to the clients that wasinearlier stages,ac- disclosureoflarge frauds in activist role at companies,the turn around the companyand Theday beforeUMB did so, invested in their funds,accord- cording to people familiar with 2014inits Mexican unit and a bulk of the money it nowman- navigatethe Covid-19 crisis. the fight took asurprising turn. ing to people familiar with the the matter. This cost the bank $590 million settlement in 2012 ages is in moretraditional high- Mr.Perelman declined to Citi unexpectedly paid lenders matterand court documents. about $1 million in lost fees, of aclass-action suit filed in yield bond funds and collateral- comment. back about $900 million of the Mr.McLaughlin and other the people said. 2007 over allegeddeceitful ized loan obligations,orCLOs, Brigade’sMr. Morgancon- loan’soutstanding value. Citi executives threatened in “Thoughour fiduciaryduty mortgage-lending practices.The some of the people familiar with tacted Citi Chief ExecutiveMr. That wasamistake, Citi says. August to sue anyone refusing to our clientshas put us into bank has sinceinvested in anti- the mattersaid. Corbat and RichardZogheb,the Thebank said in acourt fil- to return the money,people fa- conflict with Citibank relating money-laundering programs Trouble between the two bank’shead of global debt capi- ing it had planned to disburse miliar with the mattersaid. to their role as agent on the and this year appointed anew firms dates at least to April. A talmarkets, in lateApril, people only an interest payment it re- Some lendersoffered to give Revlon Term Loan, Brigade has compliancechief and created a group of hedgefunds led by Bri- familiar with the mattersaid. ceived from Revlon. Instead, it Citi the money back on the con- not sought to limit anyother newrole,chief administrative gade, HPS Investment Part- Mr.Zogheb said the bank would paid morethan 100 times as dition that the bank would for- businessortrading activity officer,toenhancesafety and ners LLC and SymphonyAsset step down as loan agent and much—out of Citi’sown feit the funds if it lost in court. with Citibank as aconsequence controls,according to abank Management asked Citi to re- Mr.Corbat confirmed Mr. funds—because of ahuman Citi refused, people familiar of this specific disagreement,” a spokeswoman and memos from sign from itsrole as the agent Zogheb washandling the resig- processing errorthat wasn’t with the talks said. Thebank ul- spokeswoman forBrigade said. Citi chief Michael Corbat. responsible foradministering a nation, according to the people caught in subsequent manual timately sued Brigade and about Thefight is an example of a Meanwhile,Brigade finds it- loan it had arranged forRevlon and alawsuit filed on behalf of checks,according to the filing. adozenother lendersthat ha- bigWall Street bank caught be- self in thekind of limelight that and then distributed to clients, Brigade and other lenders. “We…recognizethat an op- ven’t returned the money.

SOUTHERNCALIFORNIA EDISON COMPANY Utilities Airlines NOTICE OF REDEMPTION OF ALLOUTSTANDING SHARES OF CumulativePreferred Stock, par value$25.00(the“Preferred Stock”), including Seek Green Fight for CumulativePreferred Stock, Series 4.32%-CUSIPNo. 842400400(“4.32%Preferred”) CumulativePreferred Stock, Series 4.08%-CUSIPNo. 842400202 (“4.08%Preferred”) JOURNAL CumulativePreferred Stock, Series 4.24%-CUSIPNo. 842400301(“4.24% Preferred”) CumulativePreferred Stock, Series 4.78%-CUSIPNo. 842400509(“4.78% Preferred”) Hydrogen REET Customers ST NOTICEISHEREBYGIVEN pursuant to Paragraph 2(d)ofArticle Sixthof

LL theRestatedArticlesofIncorporation of Southern California EdisonCompany(the

WA “Company”),asfiledwiththe SecretaryofState of California on March 2, 2006 ContinuedfrompageB1 ContinuedfrompageB1 (the “Articles”)thatthe Company haselected to redeem allofthe outstanding

THE sharesofits Cumulative Preferred Stockatthe redemption price setforth in globally through 2019.Many R been largely immune from theArticles. FO moreare expected to be in use competitive pressures in re- Alloutstanding sharesofPreferred Stockwill be redeemed on September27, 2020 by 2025 as companies look for SS cent yearsascarrierskept (the “Redemption Date”) at aredemption priceequal to: AU •$28.75per share, plus accruedand unpaid dividends to theRedemption waystocut emissions from KR chargesbroadly similar,Mr.

N Date of $0.261 pershare,for atotal redemption price of $29.011per

powerand gassupplies,trans- DA DeNardi said. Many network sharefor the4.32% Preferred, portation and other sectors, Acoal-fired plantinUtah is converting to natural gas and hydrogen airlines added chargesfor •$25.50per share, plus accruedand unpaid dividends to theRedemption Date of $0.0765per share, foratotal redemption price of $25.5765 per according to areport by re- produced with wind and solar power. thingsthat were oncefree—in- share forthe 4.08%Preferred, search firm Wood Mackenzie. cluding seat assignmentsand •$25.80per share, plus accruedand unpaid dividends to theRedemption In June, German engineer- fuels.“We think that even in it hasthe potential to supple- bags—matching the approach Date of $0.0795per share, foratotal redemption price of $25.8795 per sharefor the4.24% Preferred,and ingfirm ApexEnergy Tete- thenexttwo to three years, ment significant deployment of fast-growing low-cost rivals •$25.80per share, plus accruedand unpaid dividends to theRedemption row GmbH completed agreen- costswill decrease because of of renewables,” Chief Financial such as Spirit Airlines Inc. Date of $0.089625per share, foratotal redemption price of $25.889625 hydrogen plant with atwo- the investmentsthat arebeing Officer Rebecca Kujawa said in Mr.Kirby said removing the pershare forthe 4.78%Preferred. On or prior to theRedemption Date,the Company will depositwithEquinitiTrust megawatt electrolysis system made in the market,” he said. arecent earningscall. NextEra fees wasthe toprequest in Company, as redemption agent(“EQ”), cash in theaggregateamount of the located near the Baltic Sea. Juno Beach, Fla.-based declined to elaborateonplans. customer surveysabout what Redemption Price forall of theoutstanding sharesofPreferred Stockintrustfor theaccountofthe holders of shares of thePreferred Stock. EQ shallpay to the Growth in green-hydrogen NextEra,the nation’slargest Dominion Energy,aRich- would encourage them to fly registered holders of thePreferred Stockthe applicableRedemption Price,net production has been slowin owner of wind and solar farms, mond, Va., companythat pro- again. United collected $625 of anywithholding tax, upon presentation andsurrenderofthe certificate(s) for such shares at the officesofEQinaccordance with theinstructionsset forthin part because it typically costs earlier this year announced vides electricity or natural gas million in changeand cancella- aLetterofTransmittal sent to allholders of Preferred Stock. EQ’s address is EQ three to six times as much as plans to invest $65 million in a to about seven million custom- tion fees last year,or$3.82 Shareowner Services, Equiniti TrustCompany, Attn:AccountManagementTeam, hydrogen derived from fossil project that will use excess so- ersin20states, is planning to per passenger,compared with 1110Centre Pointe Curve, Suite101,Mendota Heights,Minnesota55120-4101. Pursuant to Paragraph 2(d)ofArticle Sixthofthe Charter,upondepositofthe fuels,said Dan Hahn, who lar energy to producehydro- blend hydrogen intoits gas- $819 million at American and aggregateamount of theRedemption Price with EQ, allsharesofPreferred leads the global energy-pro- genfor use in aFlorida natu- distribution system to reduce $830 million at Delta. Revenue Stockshall be immediately deemed no longer to be outstanding forany purpose,and allrights with respect to such shares shallthereby cease and viders practicefor research ral-gas plant. The20-megawatt methane and carbon emis- from bag fees had been run- terminate, exceptingonlythe rightofthe holdersofthe certificates forsuch firm Guidehouse.Heexpects electrolysis system, expected sions.Itisaiming to test a5% ning at about twicethat level. shares to receive, out of funds so depositedintrustwithEQ, theRedemption Price,without interest andnet of anywithholding tax, to which each is entitled. costscould fall significantly to be online in 2023,will be blend at one of itstraining Mr. Watterson said absent Notwithstandingthe foregoing, allsharesofPreferred Stockrepresented by within the next decade as pro- used to replaceaportion of sites early next year, with the thesales from changefees, globalcertificates registered in thenameofthe nominee of TheDepository Trust duction technologydevelops thenaturalgas in one of the intent to incorporate it more U.S. carriersmay have to raise Company(“DTC”) will be redeemed,and payment of theRedemption Price for such shares will be made,inaccordance with DTC’sproceduresand allother and policies are implemented plant’sthree gasturbines. widely and eventually increase fares to coverthe loss, equiva- uncertificatedsharesheldelectronicallywill be redeemed automatically. that favorgreen hydrogen “What makes us really ex- the percentageofhydrogenin lent to around 4% of their op- Date of Notice:August28, 2020 over that derived from fossil cited about hydrogen…is that the system. erating revenue. P2JW252000-2-B00300-11FEFF7178D

THE WALL STREET JOURNAL. ** Tuesday, September 8, 2020 | B3 BUSINESS NEWS SoftBank Stock Declines on Tech Bet

Japanese investing $100 billion venture-capital ve- SoftBank sharepricevs. Japan's benchmarkstock index of theend of June,according One possibility is that Soft- hicle,the Vision Fund,hasn’t to regulatoryfilings. Bank’strade let the company powerhouse bought publishedany details of the 50% SoftBank Group SoftBank’saggressiveuse of bet on the direction of share options on up to $50 trade. Acompanyspokesper- itscash holdingstoinvest in prices while limiting the sondeclined to comment. themarket isn’t “usual in our amount of money it could lose. billion in stock SoftBank shares fell to corporateculture,” said Pierre Investorsoften do this by buy- ¥5,881, or about $55,onMon- 25 FerraguofNew Street Re- ing and selling options—con- BY PHRED DVORAK day, pulling Japan’sbenchmark search. Most companies invest tracts that confer the right to Nikkei Stock Averagedown excess cash in Treasurys or buy astock at acertain price Shares in SoftBank Group 0.5%. corporatebonds.“It’sveryun- at alater date. Forbullish bets, Corp.tumbled 7% on Monday, “The scale is what is con- settling forinvestors,” he said, options let investorsmake 0 as investorsreacted to news of cerning,” said David Gibson, an until they knowmoredetails money when the stock price abet the companyhas placed analyst at Astris Advisory aboutthe trade. goes up,while if it goes down, on arise in tech stocks. Japan. If SoftBank is betting on Nikkei 225 SoftBank mayget little they would only be out the Thesizeofthe bet—which tens of billions of dollarsworth credit from investors. Even if premiums paid to ownthe op- used stock options tied to as of shares,“it’sachangeinthe -25 they made $5 billion, “it’sa tions.SoftBank likely also sold much as $50 billion in individ- risk profile of the company.” one-off,you don’t knowwhat options at ahigher price, fur- ual tech stocks,means Soft- SoftBank’sbillionaire risk they’vetaken,” said Mr. ther limiting itsrisk,investors Bankcould win big if the mar- founder,Masayoshi Son,built Ferragu. say. ketgoes itsway or lose a his reputation on making -50 Investorsand options trad- SoftBank’soptions bet was sizable down payment forthe smart investmentsonfast- ershavebeen trying to piece big enough, however, that peo- options if tech shares drop,as growing privately held tech Jan.2020 Sept. together the contoursofSoft- ple familiar with the trade said they did at the end of last firms.But last month he an- Source:FactSet Bank’sposition through op- it represented billions of dol- week. nounced anew asset-manage- tions dataavailable to the mar- larsinpremiums.Some of that Details about the trade re- ment unit that plowedbillions that SoftBank is executing. SoftBank is parking the money ket. Some institutional holders money could go to wasteifthe main sketchy, so it is unclear of dollarsintothe public mar- Although much of that cash in tech companies such as Am- of SoftBank saythe companyis underlying shares didn’t per- howriskythat bet is forthe kets as well. Thebulk of the is earmarked forsharebuy- azon.com Inc.orMicrosoft asophisticated investor and is form as expected. Japanese conglomerate. The money has come from more backs or debt redemption, un- Corp.SoftBank held almost $4 unlikely to be taking alot of —Paul J. Davies contributed company, best known forits than $50 billion in asset sales til those deals arecompleted billion worth of such stocks as risk in the trade. to this article. ‘Tenet’ Opens in a Test Of Virus-Era Moviegoing

BY R.T. WATSON in the U.S. Hollywood’sbiggest Warner Bros.said. Thestudio studios canceled plans to re- cautioned against judging “Te- U.S. movie theatersenjoyed lease big-budget movies and al- net” against other film debuts, their best few days sincethe most overnight the few the- saying “any comparisons to the pandemic shut down much of atersstill open lacked the high- pre-Covid world would be ineq- the economy, as the firstmajor profile films it takestosell a uitable and baseless.” CK TO film in months opened with significantnumber of tickets. Manynationshaveoutpaced modest box-officereturns. Theaterswaited anxiously as theU.S.interms of reopening

Sci-fispy film “Tenet,”—dis- Warner Bros.repeatedly changed public spaces,so“Tenet” made SHUTTERS A/

tributed by AT&T Inc.’sWarner itsrelease plans for“Tenet” and itsdebut aweek earlier in more EP

Bros.studio—grossed $20.2 mil- public-health authorities shifted than 40 international markets, O/ lion in the U.S. and Canada their guidelines forpublic gath- whereitmade atotal of $53 mil- ALZ SC

through the long holidayweek- erings. Walt Disney Co.canceled lion in itsopening weekend. LO

end, according to preliminaryes- plans to release itslive-action re- Majortheater chains began JIM timates.Directed by Christopher makeof“Mulan” in the U.S.,opt- reopening their U.S. locations The long-delayed Warner Bros. movie ‘Tenet’ plays in an AMC movie theater in northern Virginia. Nolan, the $200 million film was ing instead to ship it to itsDis- last month, though they re- regarded in Hollywood as having ney+ streaming service, whereit mained closed in several major foratotal $146.2 million glob- sible to assessthe performance ing to Comscore. Last year,the- asolid chanceofreviving the became available over the week- population centers, including ally.“Tenet” performed best in of “Tenet,” as “traditional met- atersinthe U.S. and Canada sold theatrical business.Mr. Nolan’s end. Thecompanyhasn’t said NewYork and California. Around China, theworld’ssecond-larg- rics simply do not apply.” $11.4billion of movie tickets. last movie, “Dunkirk,” grossed howmanyviewers watched it, at two-thirds of domestic theaters est theatrical market behind Pandemic-driven closures Most U.S. theatersthat have $50.5 million in itsopening acost of around $30 on topofa have reopened, according to a theU.S., whereitmade $30 have obliterated the year’s box- opened areoperating at re- weekend in 2017. monthly $6.99fee. recent estimatefromDisney. millionits firstweekend, ac- officerevenue.Heading intothe duced capacity,meaning fewer Movie theatersaround the “Wealways knewthis release Themovie earned an addi- cording to Comscore. China be- weekend, with only four months people canattend screenings. world closed their doorsas plan would be amarathon not a tional $58.1 million in overseas ganreopening theatersinJuly. remaining in 2020,domestic To compensate, manyare show- governmentsmoved to contain sprint as we await openingsin marketsFridaythrough Sun- Comscoreanalyst Paul Derga- box-officerevenue forthe year ing “Tenet” on morescreens the spread of the coronavirus; moremarketsand theaters,” day, according to Warner Bros., rabedian said it is nearly impos- stood at about $2 billion, accord- than they normally would.

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW252000-0-B00400-1------XA

B4 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech ‘Fortnite’ Seeks Return to Apple Shares In China’s BY SARAH E. NEEDLEMAN access to Apple’sdeveloper tools to improveand maintain Thecreator of “Fortnite” is its Unreal Engine.” Top Maker taking another stab at getting Beyond “Fortnite,” Apple CK

ajudgetobring the popular TO later removed Epic’sgames game back to Apple Inc.’s de- like“Battle Breakers,” Of Chips vices,this time disclosing that “Spyjinx” and “Shadow Com- roughly a third of players ac- SHUTTERS plexRemastered” from iOS A/ cess it through the tech giant’s and Mac app stores. Fall 23% App Store. Epic,which launched apub- Epic Games Inc. last week lic-relations campaign critical BY JOANNE CHIU filed amotion seeking apre- SHKEVICH/EP of Apple along with itslaw- liminaryinjunction against ULA suit, has sincecontinued to Stock in China’stop semi- A- Apple, reiterating arguments urge players and other game conductor manufacturer fell made in a federal lawsuit last developerstotakeits side. sharply afterthe U.S. govern- HERRER month when it accused the Thecompanyisvalued at ment said it was considering BAL

tech giant of monopolistic be- TO more than $17 billion and has placing export restrictions on

havior afterpulling “Fortnite” CRIS said it is committedtothe the company, in what would from the App Store. The While ‘Fortnite’ is free to play, Epic sells virtual goods inside it such as character costumes. fight, but the disputecould mark amajor escalation in closely held software devel- cost more than legal fees. theTrump administration’s oper also sued Google for re- 350 million registered players app-marketplaceoperators. mission is the same amount While “Fortnite” is free to crackdownonChinese tech- moving the game from its overall, according to Epic. Companies including Facebook that most otherapp market- play, Epic sells virtual goods nologycompanies. Google Play storethe same “Apple has driven astake in Inc., MicrosoftCorp., and Spo- places charge. inside it such as character cos- Shares in Semiconductor day. the ‘Fortnite’ community,” tify TechnologySA have been ACalifornia federal judge tumes and special modes.In Manufacturing Interna- Apple and Google made Epic said in its filing. critical of Apple and the com- ruled Aug.24that Epic can July,the shooter-survival tional Corp., which is China’s that move afterEpic intro- Apple declined to comment mission it chargessoftware maintain access to Apple’s game generated about $52.5 most advanced chip maker, duced an in-game payment on Epic’slatestfiling.Apple developers. software-development tools million of in-app spending fell nearly 23% to amore system that would skirt the has previouslysaid Epic has Though “Fortnite” canbe needed to updateits Unreal through the App Storeand than three-month lowin 30% feecertain developersare put customersinthe middle of playedonmobile devices as Engine,but that “Fortnite” Google Play combined, accord- Hong Kong on Monday. In required to paythe companies their fight and that it hopes to well as gaming consoles and would remain out of the App ing to estimates from research Shanghai, wherethe company for in-app purchases. work with the software devel- computers, Epic said Apple’s Store. firm Sensor TowerInc.“The recently raised billions of Epic said that morethan oper in the future. moves have irreparably “Epic’srenewedpush for continued lossof‘Fortnite’ as dollarsthrough asecond list- 116million registered “Fort- Epic’snew filing comes harmed its business. the same thing as last month agatheringplacefor userson ing to boost itsproduction nite” players have accessed ahead of a hearing scheduled Apple and Google have de- will most likely result in the all platforms will lead Epic’s capacity,SMIC shares fell thesurvival-shooter game forSept. 28 on itsbroader fended their businessprac- same mixed ruling again,” said customerstodefect,” Epic said morethan 11%. through a device running Ap- case,which seeks an end to tices, saying the commission Florian Mueller, an indepen- in its filing. TheTrump administration ple’siOS operating system, what it describes as anticom- fees are necessary because of dent analyst in Munich fo- Epic’sbattlewith Apple could add SMIC to the Com- making it thegame’slargest petitiveconduct with howAp- the services the stores pro- cused on antitrust issues.“Ap- comes as the JusticeDepart- merceDepartment’s“entity platform. Of those players, ple operates its App Store. vide,including security and ple won’t have to toleratean ment is investigating Apple list,” as U.S. officials did re- Epic said 63% only play“Fort- Thedisputeisthe latest safeguarding user privacy. Ap- alternativepayment system in over antitrustconcerns sur- cently with Chinese telecom- nite” this way.The game has tussle between companies and ple has also said its30% com- ‘Fortnite,’ but Epic will retain rounding its App Store. equipment maker Huawei Technologies Co. That would requirecompa- PERSONAL TECHNOLOGY | By Katherine Bindley nies to go through adifficult layerofreview beforeexport- ing anyU.S.technologyto SMIC. Office Water Cooler Gets Virtual Treatment Likeall chip makers, SMIC depends on U.S. equipment andsoftware,Citigroup ana- Ever since getharder as some workers Since the pandemic shut lystsled by Roland Shu wrote the coronavi- return to offices. offices, clients have started A Colleague Can Be time. You can set a do-not-dis- in anotetoclients, adding: rus pandemic “The water cooler as a using Donut in ways the turb mode when you are in “Wewould expect SMIC pro- struck and the place to build relationships company didn’t anticipate. Just a Portal Away other meetings, and when you duction line expansion and work world just evaporated when every- After workers were sent turn off the screen at the end upgrades to largely cease if went remote, body went remote,” said Dan home, Donut users started of the day, said Mr. Wu, that SMIC is added to the entity there has been a giant hole Manian, chief executive of asking for daily connections. Products that aim to in- signifies “leaving the office.” list.” where face-to-face interac- workplace-networking soft- Now employees can create crease contact between co- Users who get squirmy about SMIC competitorssuch as tions used to be. When co- ware maker Donut Technol- programs that pair people workers can sometimes feel giving colleagues such easy ac- Taiwan Semiconductor Man- workers can’t see each other, ogies Inc. up on a schedule. For exam- like surveillance gear. Sidekick cess have taken to putting ufacturing Co.and United it is more than just a poten- Launched in 2016 in New ple, team members might get is a tablet-based video portal Post-it Notes over the camera. Microelectronics Corp.could tial morale issue. Proximity York City, the Donut service prompted to catch up for 15 that is always on. Co-workers Sidekick was originally eventually gain market share, and serendipitous encoun- uses an algorithm to intro- minutes, several times a can tap on one another’s video made for a 55-inch screen; Mr.Shu added. ters have long been associ- duce employees to people on week. The Slack notification feeds, unmute themselves, and workers would just walk up However, he said anyU.S. ated with increased collabo- other teams or in other de- can include meeting-agenda then start chatting, sort of like and join conversations with restrictions on SMIC could ration and innovation. partments every few weeks. notes and suggested times to walking up to someone’s desk. people in other offices. Once damagethe broader industry So employers arelooking It opens a direct message chat based on everybody’s Arthur Wu, co-founder and the pandemic hit, the company in unpredictable ways, “as to digital services that at- with the person you’ve been calendar availability. chief operating officer of Side- moved to 10-inch tablets that businessrelationships be- tempt to mimic what we are paired with in Slack. Donut Mr. Manian said 12,000 kick’s maker, Realism Labs Inc., employees keep at home. tween China and U.S. compa- missing out on in person. But plans to expand its services companies use Donut world- thinks Zoom meetings are too About 80 companies now use nies become disrupted.” replacing in-person connec- to companies that don’t use wide, with 6,000 having scheduled to feel spontaneous. Sidekick. tions is hard, and it will only Slack. started since March. Some “It doesn’t actually feel like As companies begin re- clients started using Donut you’re there with your team- opening facilities, Mr. Wu antic- The move is a major for onboarding new employ- mates,” he said. ipates some employees will ADVERTISEMENT ees by pairing them with the With Sidekick, you can see continue using at-home Side- escalation in the roster of people who would the device out of the corner of kick tablets to stay connected administration’s The Marketplace otherwise be guiding them your eye (kind of like your old with their colleagues in the of- through their first weeks. deskmates) but it isn’t some- fice, who would use the larger crackdown. To advertise: 800-366-3975orWSJ.com/classifieds An app called Hallway thing you are staring at all the screens. also uses Slack to foster im- BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES promptu interactions, but it takes a different approach. lion users on 40,000 paid ac- chat, and superimpose them Other Chinese chip compa- ,!#N %:??A9 *I#E@ 'E>C> *("+#!)+(! '&&'%!$(*!, In a Slack channel of the us- counts, more than double the all against a shared back- nies also dropped. Hua Hong !H>& &AM ?--; N->-;JS0 FN"JJ-; A?9HJ J&- +NA("S"J0 9+ (S9?AS MH77S0 >&A";M3*RC#' 8:= J&- JNA<- FAN= ers’ choosing, it posts a 3.7 million users and 14,800 ground. It can visualize them Semiconductor Ltd., a ";>N-AM";( JAN"++M= A;< AMS"<";( <9SSAN &AG- ASS ?--; !3, "4..32* video-chat link every couple accounts as of March 1. together at a table or in an smaller Chinese rival to >"J-< AM (99< N-AM9;M J9 N-G"M"J J&- NAJ"9;AS- 9+ (S9?AS M9HN>";( A;< >9;M"<-N N-$M&9N";(3 B&AJ "4KK($5 ,51548 '.K"5"50O(""&O((5( of hours. The chat lasts 10 As it has learned more auditorium. SMIC,fell morethan 14%in &AM ;9J ?--; FN"JJ-; A?9HJ "M J&- M"JHAJ"9; minutes, and is meant to re- about customers’ needs dur- Eddie Obeng, a professor Hong Kong.AWind indexof 9; J&- (N9H;< "; *&";A3 E&- ";JHN";( M 24-+ &185(K5+1$"5+(K /155(K)(8 >9Q7A;"-M&AG- (9;- 9HJ 9+ ?HM";-MM= A;< QA;0 M "+1K#(8 (((-5K)--1K)$$&)$45(8 ters. Users can launch their justed the product, such as the University of Reading in on mainland Chinese markets Q9N-AN- 9; J&- G-N(- 9+ <9";( M93 #J "M A;J">"7AJ-< own quick video chats with a by adding attention-manage- the U.K., created a virtual-re- retreated 4%, underperform- J&AJ I.4 9+ J&-M->9Q7A;"-M F"SS ?- (9;- "; A "K ((88 QAJJ-N 9+ Q9;J&M=Q9MJ JNHS0 ";+9NQ-< 9?M-NG-NM simple command. ment features to help com- ality tool called Qube about ing a1.9%dropinthe bench- >9;M"<-N J&AJ )(HN-97J"Q"MJ">3 M *$1&&(-5() /0+(157-"() Parthi Loganathan, Hall- bat conference-call fatigue. A a decade ago for the purpose mark Shanghai Composite. ,P!% 6,-N9M7A>- @P7->"ASJ0 !-JASM %N9H75 6FFF3A"A>$AMQ(3>9Q5 &AM -1J-;M"G-N-M9HN>-M M 0" %K( +1/1K) way’s founder and chief ex- presenter can now draw ev- of teaching executives re- Jefferies analystsled by MJAJ"9;-< "; *&";A F&9 AN-AGA"SA?S- J9 AMM"MJ 9HN M 0"5"1)- 3185( ecutive, was working on an- eryone’s attention to a spe- motely. It is a cartoonlike Edison Leesaid the potential >HMJ9Q-NM "; N-$M&9N";( J&-"N 7N9JM J9 T9NJ& other app before the cific part of the whiteboard 3-D campus filled with meet- export ban wasa“lose-lose ,Q-N">A; >9Q7A;"-M F&"S- &-S7";(N-M9SG-J&-"N M !"(8$"5 )(#K1)( 37 K(O(15() 48( "QQ-<"AJ-*&";A "MMH-M3 P&9HS< 09HN-2H"N-A;0 pandemic, but decided to at the same time, for in- ing rooms, common areas proposition” that would be AMM"MJA;>- F"J& MH77S0 >&A"; "MMH-M ";M"<- *&";A= turn his attention to Hallway stance. In July, the company and outdoor green spaces, bad news forChinese semi- F- QA0 ?- A?S-J9&-S73 B&AJ-G-N 9;-OM%S9?AS 4"K 2"K(3$&"""$51-5+ P9HN>";( NAJ"9;AS- FAM?-+9N-*RC#'$8:= "J "M >S-AN in April, building it over four added the ability for those with video screens and conductor companies and the J&AJ N-G"-F";( J&9M- <->"M"9;M "M ;9F AQAJJ-N !+(,2$-(-1!,8,)-+(,'$ days. The app is now used using Microsoft Teams to whiteboards. global semiconductor produc- 9+ HN(-;>03*9MJM A;< G9SHQ-M &AG- >&A;(-<= 5)7) #-6:4& J&- MH77S0 >&A";;-JF9NU "M H;&-ASJ&0=A;< J&- by close to 900 companies. embed the Miro app into Avatars can walk up and tion equipment industry. ";>N-AM";( J-;M"9;M ?-JF--; T9NJ& ,Q-N">A 6DPL #(--*/,).0 79 ---3: Miro aims to digitize the their user interface so em- tap one another, then go find TheJefferies team esti- *A;AAHM- +9N ASANQ3 B- F9NU >S9M-S0 F"J& >HMJ9Q-NMJ9&-S7 J&-Q >AS>HSAJ- office whiteboard with a ser- ployees have fewer apps to a spot to catch up. When av- mates China’splanned semi- J&- JNH- >9MJ +9N *&";-M- M9HN>";( A;< J&-; &-S7 ?"BE3B?A:D @EA% vice allowing employees to toggle between. atars sit together at a table, conductor plantswill require J&-Q N-$97J"Q"/- J&-"N 9G-NASS MH77S0 >&A";M3 E&- 97J"Q"/AJ"9; Q9<-S HM-M Q-JN">M A;< ";JA;("?S-M fill a shared screen with vir- MicrosoftCorp. added or gather before a white- $36 billion of capital expen- J9 &-S7 >HMJ9Q-NM<-J-NQ";- J&-"N A>JHAS >9MJM tual sticky notes. They can other new capabilities to board in beanbag chairs, ditureonequipment, and A;< N"MUM AM >9Q7AN-< J9 A>HNN-;J$MJAJ- 9;$ CAREERS M&9N";(Q9<-S3 vote on them, group them Teams since the pandemic they can have a private con- China could makeup24% of ,P!% &AM -MJA?S"M&-< DP= *A;A<"A;= A;< together and build them out, started, including virtual versation that others in the global SPE procurement this !-1">A; QA;H+A>JHN";( +A>"S"J"-M F"J& A-N9M7A>-= :'?:"B:E3: #C: >B99:":E3: just as they might in an in- whiteboard sticky notes and room can’t hear. Avatars year. AHJ9Q9J"G-= Q-<">AS= A;< ";A7A?"S"J"-M A;< >A7A>"J03B-MJA;< N-A<0 J9 MH779NJ 09HN 91--+*98'79KJLH2J179079,L1/79747K*. person brainstorming ses- the ability for people to were originally humanlike, SMIC stockhas soared in >9Q7A;0 J9 9G-N>9Q- J&- >HNN-;J A;< +HJHN- 27++*L217- 279KJLH2J179 27+579D067K4**9 sion. “raise their hands” in meet- but people were too focused recent months,asinvestors (S9?AS MH77S0$>&A"; <"MNH7J"9;M F"J& 9HN MH77S0 97+*. 2(*KJ !-72*KJ797L/1 4DJ6* !67*91E >&A"; 97J"Q"/AJ"9; M9SHJ"9;3 ':A#*%>&=Q!>!M?!&;A)M-; "- C>&MR&& D*7LK 192-H.198 JF786L79/198K4 ,K 79 &"< since 2011, but growth has Together mode, which uses and the appearance of oth- seen as strategically impor- @-P PB M!: &R++-(" N-R( OB&" <-P?(>&= &"(!"BA>M J75 ;.. >L+0 91--+*980K 27++1J+*9J J7 &-R(M>:A CBM>&>-:&) soared during the pandemic. artificial intelligence to cut ers. Now the avatars have tant to China. KH557LJ198 7HL 8L*7J 27++H91J1*K0.*.127J*. *+5-7D**K079.*E2*5J1797- 2-1*9JK 4H1-.K 7 It has more than eight mil- out each person on a video block-shaped heads. DespiteMonday’sselloff, 3?/9B"F 9@"D/A: 4*KJ31932-7KK 2H-JHL*4 theshares arestill up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pril 2020 Sept. $,:CB,E 6)>- EB,)::,E :=A34AB%EB. #1 *19+=@=:

THE WALL STREET JOURNAL. ** Tuesday, September 8, 2020 | B5 BUSINESS & FINANCE Netflix’s Hastings Isn’t Fan of Remote Work Executive is eager to have staff back in the office once a coronavirus vaccine is available

BY JOE FLINT maintain nowthat so many anceorpotential forburnout employees areworking from concern you? As afounder and co-chief home? MR.HASTINGS: Coming back executiveofNetflix Inc., Reed MR.HASTINGS: Debating to the athletics,think about a Hastingshas reshaped both ideas is harder now. coach’sview: It’snot how the way people watchtelevi- manyhoursyou spend in the sion and howthe entertain- WSJ: Have youseen benefits gym, but howwell youplay. ment industryoperates. from people working at home? But if you’regoing to playat Launching Netflix in 1997 as MR.HASTINGS: No.Idon’t see an elitelevel,you’reprobably aDVD-by-mail movie-rental anypositives.Not being able in the gymquiteabit. It’sjust servicewith MarcRandolph, to gettogether in person, par- not the goal state. Thegoal Mr.Hastingsgrasped early ticularly internationally, is a stateisthe effectiveness. that the internet wasthe fu- purenegative. I’vebeen super tureofdistribution. Firstwith impressed at people’ssacri- WSJ: Whoisthe audiencefor old movies and fices. your book? BOSS TALK TV shows that MR.HASTINGS: Thebook is Hollywood stu- WSJ: It’sbeen anticipated that forsmaller organizations and dios and networks were more manycompanies will shifttoa newerorganizations that are than happy to sell, then with work-from-home approach for trying to be very creative. For original programming such as manyemployees even afterthe big companies likeWarnerMe- “House of Cards” and Covid-19 crisis.What do you dia or Disney,they’ll read it “Stranger Things,” the stream- think? and kind of roll their eyes,and ing giant has built aglobal MR.HASTINGS: If Ihad to E/NETFLIX that’sfine.Hopefully it will AV

subscriber base approaching guess, the five-dayworkweek GR help smaller companies that

200 million households world- will become four days in the HAR arestill trying to figure out

wide. officewhile one dayisvirtual IN what they’retrying to be. ST

Along the way,Mr. Hastings from home.I’d bet that’swhere AU has built adistinctive—and, to alot of companies end up. Reed Hastings’s way encourages staff to take big risks, typically without the need of approval. WSJ: Howwould the Netflix some,cutthroat—corporate culturework in politics? culture. TheNetflix way en- WSJ: Do youhaveadatein mium TV,and the expansion ing the person or it feels like areanunusual thing,for sure. MR.HASTINGS: Politics is courages staff to take big risks, mind forwhen your workforce intononfiction has been a that. It only works well when two tough because in manyways typically without the need of returns to the office? hugesuccess.The whole shar- people really work well to- people elect people who lie a approval from achain of MR.HASTINGS: Twelvehours ing of content around the WSJ: Youwrite, ”Only aCEO gether.Ted and Ihavebeen lot. In business, we really try bosses,and to communicate afteravaccine is approved. world has been ahugesuccess. who is not busy is really doing working together formore to avoid that. Theskills to suc- with bluntness. Leadersoften Prior to that, people thought their job.” I’m surealot of than 20 years. He’sbeen avir- ceed in politics arereally quite practicewhat is called the WSJ: Ilikethat. Americans won’t watchcon- CEOs and their families would tual co-CEO foracouple of different than in business. “keeper test,” in which they MR.HASTINGS: It’sprobably tent that’sproduced outside beg to differ.Can youelabo- years, and we just decided to ask themselves: If astaffer six months afteravaccine. the U.S. rate? makeitofficial. WSJ: Howisthe return to pro- were offered ajob elsewhere, Oncewecan getamajority of MR.HASTINGS: Youdon’t duction sincethe pandemic would youfight to keep that people vaccinated, then it’s WSJ: Netflix is about radical want to be,asCEO,consumed WSJ: Netflix is known forpay- shutdowns going? employee? If the answerisno, probably back in the office. candor.Just howcandid can by the tactics.For me,making ing top-of-the-market salaries. MR.HASTINGS: We’reupand the person is let go. people be with each other casting decisions or product Areyou concerned that has running in much of Europe and In his newbook “No Rules WSJ: In the book yousay,“It’s from apersonnel-management feature decisions—thereare driven up costsfor youand much of Asia, and we’vegot a Rules: Netflix and the Culture impossible to knowwherea standpoint? toomanytomake. Youget too othersinHollywood? few thingsgoing on already in of Reinvention,” Mr.Hastings businesslikeourswill be in MR.HASTINGS: We want peo- busy so that, even if youare MR.HASTINGS: When you’re [Los Angeles]. Thehope is likens being employedatthe five years.” What kind of prog- ple to be very constructive. We good at it, you’renot thinking looking at great sportsteams, that, through September and streaming giant to being part nosticating do youdo? don’t want people to go about the long-term health and they’reoften the teams that October,wecan really get— of asportsteam: Getting cut is MR.HASTINGS: We keep try- around likeadrunken fool, evolution of the business. You canpay high forthe best play- with proper testing—a lot disappointing but carries no ing experiments. Thebusiness saying terrible thingstopeo- want to really knowwhat’sgo- ers. We want to have the abso- morerunning. shame.“Unlikemanycompa- model will be pretty similar in ple.Wewant people to be en- ing on in all kinds of places, lutebest players and compen- nies,wepractice: Adequate five years. Can we figure out gagedwith positiveintent, to but not making decisions. sation is one part of that. We’d WSJ: You’renot running out of performancegetsagenerous animation? Can we catchDis- createanenvironment where rather have three outstanding original programming anytime severancepackage,” reads one ney in family animation? people thrivefromgetting WSJ: Yourecently chose to people than four OK people. soon? of Netflix’smottos. feedback. sharethe CEO title with Chief MR.HASTINGS: We expect to Mr.Hastingsspokewith The WSJ: You’vesaid youwant Likewhen youdopush-ups Content Officer TedSarandos. WSJ: Youwrote that value or have moreoriginal titles next Wall Street Journal by video Netflix to be able to pounceon or when yourun—it hurts, but Thecorporateworld is littered creativeworth shouldn’t be year than this year.That’s from his son’sbedroom in the unanticipated opportunities. youknowyou’regetting stron- with examples of co-CEO measured by time and that pretty incredible. family home in SantaCruz, Ca- What’sanexample of one you ger. Youhavetothink about it structures that haven’t worked you’venever paid attention to lif.Hereare edited excerpts. didn’t see coming? in terms of giving feedback: It’s out well. the hourspeople areworking. WSJ: If Netflix options your MR.HASTINGS: Nonfiction producing enough discomfort MR.HASTINGS: It’slittered Yetmanypeople at Netflix de- book,who should playyou? WSJ: What elements of the programming is aprettygood forlearning,but not so much with examples of single CEOs scribe it as a24/7lifestyle. MR.HASTINGS: There’salways Netflix cultureare tougher to one.Westarted as superpre- discomfort that you’reattack- not working out also.Co-CEOs Does the lack of work-lifebal- Brad Pitt.

E-commerce expertssay zonproducts. “Ifyou’regoing Doubts on brushing is morethan just an to do anybrushing youwould annoyancefor the people bar- probably focus on Amazon be- ragedbyunsolicited products cause that’sthe biggest and Seed Curbs likeseeds.Itgenerates fakere- most important marketplace,” views that mislead customers. Mr.McCabe said. It manipulates sales volumes to Howard Thai, the Shenzhen, Emerge promoteproductsthat maynot China-based head of Signalyt- deservethe extraattention. ics,ane-commerce consulting Amazon on Monday reiter- firm, said he didn’t think Ama- ContinuedfrompageB1 ated itsviewthat seed deliver- zon’snew policyrestricting help solvethe problem by cut- ies linked to ordersonits site seed importswould have an ef- ting off major retail avenues were genuine ordersdelayed fect on sending seeds from forforeign seeds to enter the due to Covid-19 and not inci- China forbrushing purposes, U.S. dentsofbrushing.Aspokesper- because seeds used in brushing Yetsome expertsare also son forthe companysaid third- schemes arepurposely dis- skeptical that the latest actions party sellersare prohibited guised and loggedassales for by e-commerce companies will from sending unsolicited pack- other,nonprohibited products. solvethe core issue federal of- ages.“We take action on those Agricultureofficials have ficials believemay underlie who violateour policies,in- been concerned the seeds could much of this summer’s seed cluding withholding payments, introduceinvasivespecies, mystery: unsolicited seed or- suspending or removing selling weeds,pestsordiseases that dersused to generatefake privileges,orworking with law mightharm U.S. agriculture. OurMurano torsadenecklace sales forother products, atac- enforcement.” Thespokesper- Osama El-Lissy,adeputy ad- tic known as “brushing.” son said brushing is an indus- ministrator forthe U.S. Depart- “The only way they arego- trywide scam, similar to phish- ment of Agriculture’sAnimal Dramaticand rich,our gorgeous ing to reduceany successful ing,and not specific to andPlant Health Inspection brushing schemes is to attack Amazon. Service, said the agencyhad re- torsade necklace from Italyboasts a brushing at thesource,” said Online marketplace eBay ceived nearly 20,000 reports tonal arrayofhandmadeblack andgold Chris McCabe,aformer Ama- Inc.said it is reviewing the from seed recipientsand col- zoninvestigator and Amazon seeds matterand anyfurther lected some 9,000 packages. Murano glassbeads.Add this sales consultant who noted the restrictions that maybewar- Amid the mystery, TheWall companywould have to devote ranted. Thecompany’scurrent Street Journal reached out to sophisticatedpiece to your collection moreresourcestotracking roughly 70 recipientsofmys- down these scams if it wanted tery seeds.The Journal found to instantly elevate anyensemble! to prevent objectslikeunsolic- Some experts are that the majority had accounts ited seeds from being used in consistent with brushing them. skeptical that the schemes.Of68people who said Brushing scamswork like actions will solve they were recent recipientsof this: Vendorsselling on online unsolicited seed packages, retailerslikeAmazon paythird- the core issue. about 20 said they hadn’t re- party brusherstoplaceorders cently ordered seeds online but fortheir ownproducts—which received at least one seed pack- could be anything from stuffed ageinthe mail. Approximately animals to televisions or furni- policyholds that plantsor 20 otherssaid they had re- ture. Thefakeordersartifi- seeds prohibited by govern- cently ordered seeds and after cially boost sales,which sur- ment or shipping regulations receiving their order gotaddi- facesthe productshigher on aredisallowed. It said most tional unsolicited seeds.E-com- Amazon’swebsiteand gives the plantsand seeds canbelisted merce expertssaid these cases sellersthe chancetowritetheir provided they areallowedin all suggested brushing,asthe ownpositiveproduct reviews. the location the seller is ship- people had received unsolicited To makethe fakesales seem ping to,though thereare ex- seeds not connected to any real to e-commerce sites, ceptions,including some seeds specific e-commerce order they $ brusherswill send packages and noxious weeds. had made. 99 with tracking numberstoac- JerryKavesh,chief executive Not everyone who received tual addresses.But instead of of 3P MarketplaceSolutions, unsolicited seed packages was Plus Free Shipping sending the actual product be- which sells apparel and foot- considered alikely brushing ing boosted—which might be wear on Amazon and advises victim. Some of the people con- Multicolored Murano GlassBead Torsade Necklace from Italy bulkyand expensive, such as companies on selling on Ama- tacted by the Journal said they 3 18"length. ⁄4"wide. 18kt gold oversterling springring clasp. furniture—the brusher will ship zon, said he found it unlikely never received their original cheap and lightweight items that thousands of people would seed order and then received a Also available in 20"$109 such as seeds.These areplaced getapparently unsolicited or- seed packagethat wasn’t what Shown larger for detail. inside the packages with the dersofasimilar product, they ordered. hope that whoever receives it seeds,ifitwasn’t brushing.“It Even if thebans on e-com- will assume it is an unexpected walks likeaduck and quacks merce seed sales and imports Ross-SimonsItem #929101 giftand not raise afusswith like aduck,” he said. don’t prevent brushing,the ex- authorities,according to e- Mr.McCabe wasalso skepti- tensiveattention given to this To receivethisspecial offer, use offercode: BEAD148 commerce expertsfamiliar with calthat massunsolicited seed summer’s unsolicited seed 1.800.556.7376 or visitross-simons.com/bead howbrushing works.Fromthe orders were something other packetsmay render seeds less e-commerce company’sper- than brushing.Hewas also effectiveasabrushing tool. In collaboration with the Italian Trade Agency,the Ministry of Foreign spective, the tracking number’s doubtfulthat apossible brush- —Annie Gasparro THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi arrival at the addressmakes it ing scheme of this scale and James R. Hagerty ITALIAN JEWELRY look like agenuine sale. wouldn’t involveboosting Ama- contributed to this article. P2JW252000-0-B00600-1------XA

B6 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 28133.31 t520.56, or 1.82% last week Trailing P/E ratio 27.62 19.25 3426.96 t81.05, or 2.31% last week Trailing P/E ratio * 37.92 22.95 Public Offerings of Stock High, low, open and close for each of P/E estimate * 26.70 17.36 High, low, open and close for each of P/E estimate * 25.64 18.06 the past 52 weeks Dividend yield 2.21 2.28 the past 52 weeks Dividend yield * 1.77 1.93 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3580.84, 09/02/20 None expected this week

Current divisor 0.15198707565833 Lockup Expirations 30000 3800 Below, companies whose officers and other insiders will become eligible 200-day moving average to sell shares in their newly public companies for the first time. Such 28000 sales can move the stock’s price. 3500 Lockup Offer Offer amt Through Lockup 26000 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision 3200 Sept. 8 March 12, ’20 Imara Inc IMRA 16.00 75.7 180 days 24000 Sources: Dealogic; WSJ Market Data Group Week's high 2900 DOWN UP IPO Scorecard 22000 Monday's open Friday's close t Performance of IPOs, most-recent listed first 65-day moving average 200-day moving average Friday's close Monday's open 2600 % Chg From % Chg From

t 20000 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day 65-day moving average IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Week's low HighCape Capital Acquisition 10.15 1.5 ... PainReform 6.73 –15.9 –0.1 18000 2300 CAPAU Sept. 4/$10.00 PRFX Sept. 1/$8.00 Tailwind Acquisition 10.00 ...... Harbor Custom Development 5.65 –5.8 –24.7 Bars measure the point change from Monday's open TWND.UT Sept. 4/$10.00 HCDI Aug. 28/$6.00 16000 2000 BCTG Acquisition 10.25 2.5 0.2 Burgundy Technology Acquisition 9.99 –0.1 0.1 S O N D J F M A M J J A S S O N D J F M A M J J A S BCTG Sept. 3/$10.00 BTAQU Aug. 27/$10.00 INSU Acquisition II 10.25 2.5 –0.1 CF Finance Acquisition II 10.07 0.7 1.3 Primary NYSE weekly volume, in billions of shares t INAQU Sept. 3/$10.00 CFIIU Aug. 27/$10.00

market t Composite Financial Flashback CM Life Sciences 10.32 3.2 0.7 FTAC Olympus Acquisition 10.01 0.1 0.8 36 CMLFU Sept. 2/$10.00 FTOCU Aug. 26/$10.00 24 The Wall Street Journal, September 8, 1997 12 Apple Computer’s surprise decision nottosplit offits troubled Sources: Dow Jones Market Data; FactSet 0 Newton division signals SteveJobs’s determination to push Other Stock Offerings simplifiedcomputing devices,particularly foreducation. S O N D J F M A M J J A Secondaries and follow-ons expected this week in the U.S. market *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index None expected this week Major U.S. Stock-Market Indexes Nasdaq Composite Off the Shelf t 382.50, or -3.27% Latest Week 52-Week % chg “Shelf registrations” allow a company to prepare a stock or bond for High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones sale, without selling the whole issue at once. Corporations sell as Industrial Average 29199.35 27664.68 28133.31 -520.56 -1.82 18591.93 l 29551.42 5.0 -1.4 8.6 conditions become favorable. Here are the shelf sales, or takedowns, Transportation Avg 11488.70 10981.13 11225.51 -96.49 -0.85 6703.63 l 11451.51 9.0 3.0 6.3 over the last week: 12200 Utility Average 826.89 791.13 803.70 2.97 0.37 610.89 l 960.89 -5.3 -8.6 2.7 Takedown date/ Deal value Issuer/Industry Registration date ($ mil.) Bookrunner(s) Total Stock Market 36498.93 34020.27 34848.03 -872.37 -2.44 22462.76 l 36434.12 14.4 5.5 10.8 NIO Inc Aug. 31 MS, China Int'l, BofA Securities Barron's 400 752.15 707.09 720.64 -19.08 -2.58 455.11 l 752.15 8.0 -1.6 3.6 11700 $1,730.2 Auto/Truck June 9,320 Nasdaq Stock Market Zosano Pharma Corp Sept. 1 $20.8 BTIG LLC 11200 Nasdaq Composite 12074.07 10875.87 11313.13 -382.50 -3.27 6860.67 l 12056.44 39.6 26.1 20.7 Healthcare March 16,320 Nasdaq 100 12439.48 11145.99 11622.13 -373.72 -3.12 6994.29 l 12420.54 48.0 33.1 24.7 Hamilton Lane Inc Sept. 2 $154.9 JPM 10700 Finance Sept. 12,318 S&P 28 31 1 2 3 4 iClick Interactive Asia Group Ltd Sept. 3 $72.3 BofA Securities, China Renaissance Holdings, 500 Index 3588.11 3349.63 3426.96 -81.05 -2.31 2237.40 l 3580.84 15.0 6.1 11.4 August Professional Services June 28,319 Ind. & Comm. Bank of China, Alliance Global Partners MidCap 400 1970.37 1860.73 1897.86 -48.65 -2.50 1218.55 l 2106.12 -0.7 -8.0 3.0 DJ US TSM l SmallCap 600 922.22 876.56 891.81 -20.21 -2.22 595.67 1041.03 -4.1 -12.7 1.7 t 872.37, or -2.44% Public and Private Borrowing Other Indexes last week Treasurys Russell 2000 1595.04 1501.52 1535.30 -43.04 -2.73 991.16 l 1705.22 2.0 -8.0 2.8 NYSE Composite 13299.73 12723.79 12917.15 -253.81 -1.93 8777.38 l 14183.2 -0.1 -7.2 2.7 Tuesday, September 8Thursday, September 10 Value Line 489.58 466.01 474.08 -10.54 -2.17 305.71 l 562.05 -7.7 -14.1 -3.0 36200 Auction of 13, 26 and 52 week bills; Auction of 4 and 8 week bills; NYSE Arca Biotech 5498.18 5118.53 5240.17 -130.07 -2.42 3855.67 l 6142.96 22.7 3.4 7.4 announced on Sept. 3, settles on Sept. 10 announced on Sept. 8; settles on Sept. 15 NYSE Arca Pharma -2.42 l 678.21 649.88 657.28 -16.31 494.36 675.64 11.9 0.6 7.5 35300 Auction of 3 year note; KBW Bank 80.72 75.77 79.23 0.88 1.13 56.19 l 114.12 -16.3 -30.1 -5.4 announced on Sept. 3, settles on Sept. 15 PHLX§ Gold/Silver 156.90 144.03 149.58 -3.27 -2.14 70.12 l 161.14 58.7 39.9 18.2 34400 PHLX§ Oil Service 36.35 34.72 35.56 -0.818 -2.25 21.47 l 80.99 -46.6 -54.6 -33.8 PHLX§ Semiconductor 2382.32 2137.01 2212.73 -51.41 -2.27 1286.84 l 2370.18 41.1 19.6 25.5 A Week in the Life of the DJIA CBOE Volatility 38.28 21.77 30.75 7.79 33.93 11.54 l 82.69 105.0 123.1 44.8 33500 Alook at how the Dow Jones Industrial Average component stocks 28 31 1 2 3 4 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data August did in the past week and how much each moved the index. The DJIA lost 520.56 points, or 1.82%, on the week. A$1change in the price of any DJIA stock =6.58-point change in the average. To date, a$1,000 International Stock Indexes CommoditiesandCurrencies investment on Dec. 31 in each current DJIA stock component would Monday YTD Monday YTD have returned $30,340, or again of 1.13%, on the $30,000 Region/Country Index Close Net chg % chg % chg Close Net chg % Chg % chg investment, including reinvested dividends. World The Global Dow 3067.02 0.39 –5.7 WSJ Dollar Index 11.88 88.14 0.20 0.23 -1.58 The Week’s Action DJ Global Index 437.79 … unch. 0.9 Euro, per dollar 0.8463 0.0018 0.21 -5.09 Pct Stock price Point chg $1,000 Invested(year-end '19) DJ Global ex U.S. 250.31 1.42 0.57 –5.0 Yen, per dollar 106.28 0.04 0.04 -2.17 chg (%) change in average* Company Symbol Close $1,000 Dow DOW U.K. pound, in dollars 5.54 2.55 16.78 $48.60 $934 Americas DJ Americas 795.68 0.13 0.02 4.6 1.32 -0.011 -0.85 -0.69 3.17 4.55 29.94 Caterpillar CAT 148.18 1,027 Brazil Sao Paulo Bovespa 101241.73 … Closed –12.5 Last Week YTD Close Net chg % Chg % chg 3.05 3.13 20.59 American Express AXP 105.67 860 Canada S&P/TSX Comp 16218.01 … Closed –5.0 DJ Commodity 2.43 1.21 7.96 Coca-Cola KO 51.04 938 Mexico S&P/BMV IPC 36637.45 188.95 0.52 –15.9 623.14 -13.18 -2.07 -2.98 2.06 1.22 8.03 Verizon VZ 60.48 1,017 Chile Santiago IPSA 2655.86 30.05 1.14 –20.4 TR/CC CRB Index 149.69 -3.75 -2.44 -19.43 Crude oil, $ per barrel 39.77 -3.20 -7.45 -34.87 1.80 2.53 16.65 Walmart WMT 142.83 1,218 EMEA Stoxx Europe 600 367.97 6.04 1.67 –11.5 Natural gas, $/MMBtu 2.588 -0.069 -2.60 18.23 1.56 3.23 21.25 Goldman Sachs GS 210.94 935 Eurozone Euro Stoxx 363.81 6.05 1.69 –9.9 Gold, $ per troy oz. 1923.90 -40.70 -2.07 26.61 0.73 0.75 4.93 JPMorgan Chase JPM 103.52 763 Belgium Bel-20 3359.38 48.69 1.47 –15.1 0.59 0.68 4.47 Travelers TRV 116.57 863 Denmark OMX Copenhagen 20 1310.55 22.89 1.78 15.4 U.S. Dollar Index 92.97 0.60 0.65 -3.55 0.10 0.11 0.72 Nike NKE 112.40 1,118 France CAC 40 5053.72 88.65 1.79 –15.5 WSJ Dollar Index 87.94 0.42 0.48 -1.81 Germany DAX 13100.28 257.62 2.01 –1.1 Euro, per dollar 0.8446 0.0047 0.56 -5.29 0.07 0.11 0.72 3M MMM 165.77 967 Israel Tel Aviv 1344.34 1.37 0.10 –20.1 Yen, per dollar 106.24 0.87 0.83 -2.21 –0.48 –0.41 –2.70 Merck MRK 85.24 952 Italy FTSE MIB 19738.01 346.76 1.79 –16.0 U.K. pound, in dollars 1.33 -0.007 -0.53 0.16 –0.58 –0.81 –5.33 Procter & Gamble PG 137.96 1,126 Netherlands AEX 547.14 6.88 1.27 –9.5 52-Week –0.69 –0.35 –2.30 Intel INTC 50.08 851 Russia RTS Index 1218.52 –1.49 –0.12 –21.3 Low Close(l) High % Chg –0.75 –2.37 –15.59 UnitedHealth Group UNH 312.00 1,070 South Africa FTSE/JSE All-Share 54400.28 521.33 0.97 –4.7 DJ Commodity 433.70 l 647.86 3.16 –1.00 –1.69 –11.12 Honeywell HON 166.69 959 Spain IBEX 35 7080.66 90.94 1.30 –25.9 TR/CC CRB Index 106.29 l 187.39 -13.28 –1.48 –3.18 –20.92 McDonald’s MCD 211.73 1,092 2.21 l Sweden OMX Stockholm 707.81 15.32 4.0 Crude oil, $ per barrel -37.63 63.27 -29.64 –1.86 –4.72 –31.06 Amgen AMGN 248.40 1,052 1.43 Natural gas, $/MMBtu 1.48 l 2.86 3.69 Switzerland Swiss Market 10297.80 144.71 –3.0 –2.21 –2.77 –18.23 IBM IBM 122.30 947 Turkey BIST 100 1096.81 0.97 –4.1 Gold, $ per troy oz. 1452.10 l 2051.50 27.73 10.49 –2.62 –3.55 –23.36 Walt Disney DIS 131.99 913 U.K. FTSE 100 5937.40 138.32 2.39 –21.3 U.S. Dollar Index 92.14 l 102.82 -5.51 –2.70 –4.75 –31.25 Boeing BA 171.05 528 U.K. FTSE 250 17642.20 287.92 1.66 –19.4 WSJ Dollar Index 87.52 l 97.02 -3.64 –3.08 –3.85 –25.31 Apple AAPL 120.96 Euro, per dollar 0.84 l 0.94 -6.84 1,659 Asia-Pacific Yen, per dollar 102.37 l 112.11 -0.64 –3.27 –1.38 –9.08 Cisco CSCO 40.82 872 Australia S&P/ASX 200 5944.80 19.29 0.33 –11.1 U.K. pound, in dollars 1.15 l 1.34 8.11 –3.29 –5.05 –33.23 Johnson & Johnson JNJ 148.59 1,039 China Shanghai Composite 3292.59 –62.78 –1.87 7.9 –4.32 –3.70 –24.34 Chevron CVX 81.93 708 Hong Kong Hang Seng 24589.65 –105.80 –0.43 –12.8 Real-time U.S. stock –4.82 –1.87 –12.30 Walgreens WBA 36.89 646 India S&P BSE Sensex 38417.23 60.04 0.16 –6.9 quotes are available on –5.12 –11.05 –72.70 Visa V 204.66 Japan Nikkei Stock Avg 23089.95 –115.48 –0.50 –2.4 WSJ WSJ.com. Track most- 1,094 Home Depot HD Singapore Straits Times 2511.21 1.57 0.06 –22.1 .COM active stocks, new –5.81 –16.63 –109.42 269.66 1,257 South Korea Kospi 2384.22 15.97 0.67 8.5 highs/lows, mutual –6.05 –16.40 –107.90 salesforce.com CRM 254.70 1,566 funds and ETFs. Taiwan TAIEX 12601.40 –36.55 –0.29 5.0 –6.40 –14.66 –96.46 Microsoft MSFT 214.25 1,369 Closed All are available free at Thailand SET 1311.95 … –17.0 *Based on Composite price. DJIA is calculated on primary-market price. Sources: FactSet; Dow Jones Market Data WSJMarkets.com Source: Dow Jones Market Data; FactSet. Consumer Rates and Returns to Investor Benchmark Yields and Rates Currencies U.S. consumer rates Selected rates Treasury yield curve Forex Race U.S.-dollar foreign-exchange rates in late New York trading A consumer rate against its Money Market/Savings Accts Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. US$ vs, US$ vs, YTD chg YTD chg benchmark over the past year notes and bonds major U.S. trading partners Mon Mon Bankrate.com avg†: 3.30% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23175 0.01

BankDirect 0.75% 2.50% WSJ Dollar index 8% s Federal-funds 2.00% Richardson, TX 877-839-2737 Argentina peso .0134 74.6355 24.6 Europe

target rate One year ago 2.00 s Brazil real .1887 5.3007 31.9 DollarSavingsDirect 0.75% t Euro Czech Rep. koruna .04463 22.407 –1.2 t 1.50 4 Canada dollar .7635 1.3098 0.8 New York, NY 866-395-8693 1.50 Denmark krone .1588 6.2983 –5.5 Chile peso .001290 775.10 4.8 Euro area euro 1.1816 .8463 –5.1 1.00 CFG Community Bank 0.80% Tradeweb ICE Friday Close 0 Colombiapeso .000269 3715.00 13.2 Money market t 1.00 Hungary forint .003284 304.52 3.1 Baltimore, MD 888-205-8388 Ecuador US dollar 11unch account yields Iceland krona .007164 139.58 15.3 0.50 0.50 –4 Mexico peso .0463 21.6162 14.2 t First Internet Bank of Indiana 0.81% Norway krone .1118 8.9407 1.8 s Indianapolis, IN 888-873-3424 Yen Uruguay peso .02355 42.4550 14.3 Poland zloty .2663 3.7547 –1.0 0.00 0.00 –8 TAB Bank Asia-Pacific Russia ruble .01320 75.744 22.0 S O N D J F M A M J J AS 0.90% 1 3 6 1 2 3 5 7 10 20 30 2019 2020 Australian dollar .7276 1.3744 –3.5 Sweden krona .1140 8.7724 –6.3 2019 2020 Ogden, UT (800) 355-3063 month(s) years China yuan .1464 6.8307 –1.9 Switzerland franc 1.0915 .9162 –5.3 maturity Hong Kong dollar .1290 7.7504 –0.5 Turkey lira .1341 7.4574 25.4 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Yield/Rate (%) 52-Week Range (%) 3-yr chg India rupee .01362 73.447 2.9 Ukraine hryvnia .0359 27.8500 17.6 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Indonesia rupiah .0000678 14740 6.2 UK pound 1.3168 .7594 0.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Japan yen .009409 106.28 –2.2 Middle East/Africa Kazakhstan tenge .002358 424.04 11.1 Prime rate* 3.25 3.25 3.25 l 5.25 -1.00 Spread +/- Treasurys, Bahrain dinar 2.6525 .3770 –0.01 Yield (%) in basis pts, 52-wk Range Total Return Macau pataca .1252 7.9865 –0.4 Egypt pound .0633 15.7984 –1.6 Libor, 3-month 0.25 0.24 0.23 l 2.16 -1.07 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Malaysia ringgit .2405 4.1575 1.6 Israel shekel Money market, annual yield 0.23 0.23 0.23 l 0.78 -0.04 .2960 3.3789 –2.2 U.S.Treasury,Barclays 0.520 0.5106.45 5.17 New Zealand dollar .6692 1.4943 0.6 Kuwait dinar 3.2694 .3059 0.9 Five-year CD, annual yield 0.65 0.66 0.65 l 1.71 -0.80 Pakistan rupee .00604 165.652 6.9 U.S. Treasury Long,Barclays 1.360 1.40012.09 11.06 Oman sul rial 2.5974 .3850 unch 30-year mortgage, fixed† 3.09 3.15 3.03 l 4.22 -0.71 Philippines peso .0206 48.626 –4.1 Aggregate,Barclays 1.150 1.180n.a. 39 127 6.13 5.13 Qatar rial .2747 3.641 –0.1 l 15-year mortgage, fixed† 2.55 2.59 2.55 3.57 -0.49 Singapore dollar .7319 1.3664 1.5 Saudi Arabia riyal Fixed-Rate MBS,Barclays 1.120 1.260n.a. 28 132 4.32 3.67 .2666 3.7511 –0.01 Jumbo mortgages, $510,400-plus† 3.13 3.20 3.06 l 4.71 -1.16 South Korea won .0008419 1187.77 2.8 South Africa rand .0597 16.7452 19.6 High Yield 100,ICE BofA 4.559 4.238 419 271 10181.719 3.694 Five-year adj mortgage (ARM)† 3.30 3.29 3.06 l 4.78 0.04 Sri Lanka rupee .0054127 184.75 1.9 Muni Master,ICE BofA 1.048 1.000 29 -12 41 3.898 3.918 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.18 4.19 4.17 l 4.65 1.17 Taiwan dollar .03410 29.323 –2.0 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBIGlobal,J.P. Morgan 4.637 4.730 375 277 662 3.951 4.115 Thailand baht .03188 31.370 5.4 WSJ Dollar Index 88.14 0.20 0.23 –1.58 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW252000-0-B00800-1------XA

B8 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Barings Glb SD HY Bd BGH 15.11 13.40 -11.3 11.5 EVNatMuniOpp EOT 21.32 20.51 -3.8 4.0 CLIFFWATER CL FD;I 10.28 NA NA 4.4 buy their shares back from investors who wish to cash Tortoise Enrgy Infra Crp TYG NA 16.01 NA -78.7 BR Corporate HY HYT 11.49 11.09 -3.5 8.3 InvAdvMuIncTrII VKI 11.94 10.88 -8.9 4.8 Bluerock Total Inc+ RE:L 29.10 NA NA 1.9 CNR Strategic Credit 9.22 NA NA 9.1 in their holdings. Instead, fund shares trade on a stock Broadstone Rl Est Acc:I 9.55 NA NA -5.0 exchange. NA signifies that the information is not Income & Preferred Stock Funds BlackRock Ltd Dur Inc BLW 16.41 15.02 -8.5 7.7 Invesco MuniOp OIA 7.47 7.45 -0.3 5.1 FedProj&TrFinanceTendr 9.91 NA NA 3.8 available or not applicable. NS signifies funds not in CalamosStratTot CSQ 14.16 13.75 -2.9 16.4 BNY Mellon Hi Yield Str DHF 3.15 2.75 -12.7 9.4 InvescoMuOppTr VMO 13.36 12.37 -7.4 4.7 Broadstone Rl Est Acc:W 9.54 NA NA -5.2 FS Global Crdt Opptys D NA NA NA 7.5 existence for the entire period. 12 month yield is CohenStrsLtdDurPref&Inc LDP 24.87 23.87 -4.0 1.1 Brookfield Real Asst Inc RA InvescoMuTr VKQ CIM RA&C A 25.08 NA NA NS Garrison Capital Inc GARS NA 3.47 NA NA computed by dividing income dividends paid (during 19.49 17.11 -12.2 14.1 13.37 12.23 -8.5 4.7 the previous 12 months for periods ending at month- CohenStrsSelPref&Income PSF 25.68 26.75 +4.2 0.8 CrSuisHighYld DHY 2.42 2.11 -12.8 9.7 InvescoQual Inc IQI 13.57 12.36 -8.9 4.7 CIM RA&C C 25.01 NA NA NS Schrdrs Opp Inc;A 24.79 NA NA NS end or during the previous 52 weeks for periods FirstTrIntDurPref&Inc FPF 22.82 21.95 -3.8 0.5 DoubleLine Inc Sol DSL 16.58 16.18 -2.4 11.4 InvTrInvGrMu VGM 13.79 12.51 -9.3 4.7 CIM RA&C I 25.10 NA NA NS Schrdrs Opp Inc;A2 24.77 NA NA NS ending at any time other than month-end) by the JHanPrefInc HPI 18.76 19.79 +5.5 -8.8 DoubleLine Yld Opps DLY NA NA NA NS InvescoValMunInc IIM 16.47 14.87 -9.7 4.6 CIM RA&C L 25.06 NA NA NS Schrdrs Opp Inc;I 24.83 NA NA NS latest month-end market price adjusted for capital Schrdrs Opp Inc;SDR 24.86 NA NA NS gains distributions. Depending on the fund category, JHPrefIncII HPF 18.43 18.05 -2.1 -15.5 EVHiInc2021 EHT 9.83 9.61 -2.2 4.0 MAINSTAY:MK DEFTR MUN OP MMD NA 20.70 NA 4.7 Clarion Partners REI D 9.82 NA NA NS Invesco Sr Loan A 6.05 NA NA 4.9 either 12-month yield or total return is listed. HnckJPfdInco III HPS 16.49 16.27 -1.3 -9.3 First Tr Hi Inc Lng/Shrt FSD 15.88 13.99 -11.9 9.3 NeubrgrBrm NBH 14.90 14.80 -0.7 4.9 Clarion Partners REI I 9.82 NA NA NS Source: Lipper Invesco Sr Loan C 6.06 NA NA 4.1 J Han Prm PDT 12.87 13.02 +1.2 -19.3 IVY HIGH INCOME OPP IVH 13.71 12.06 -12.0 10.3 Nuveen AMT-Fr Mu Val NUW 16.96 16.25 -4.2 3.0 Clarion Partners REI S 9.81 NA NA NS Friday, September 4, 2020 Clarion Partners REI T Invesco Sr Loan IB 6.05 NA NA 5.2 LMP CapInco SCD 12.30 10.85 -11.8 -12.4 NeubHgYldStrt NHS 12.01 11.20 -6.7 9.6 Nuveen AMT-Fr Qlty Mun I NEA 15.69 14.25 -9.2 4.6 9.80 NA NA NS 52 wk Griffin Inst Access RE:A 25.23 NA NA -3.6 Invesco Sr Loan IC 6.05 NA NA 5.0 Nuveen Pref & Inc Opp JPC 9.11 8.70 -4.5 -5.9 New Amer Hi Inc HYB 9.53 8.30 -12.9 6.9 Nuveen AMT-Fr Mu CI NVG 16.98 15.55 -8.4 5.0 Prem Ttl Griffin Inst Access RE:C 24.31 NA NA -4.3 Invesco Sr Loan Y 6.05 NA NA 5.2 Nuveen Fd JPS 9.35 8.97 -4.1 -1.4 NexPointStratOppty NHF 17.35 9.26 -46.6 19.1 Nuveen Enh Muni Val NEV 15.26 14.90 -2.4 4.5 Fund (SYM) NAV Close /Disc Ret Griffin Inst Access RE:I 25.56 NA NA -3.4 Pioneer Sec Inc 8.72 NA NA NS Nuveen Pref & Inc Term JPI 23.22 22.88 -1.5 0.4 Nuveen CI Nov 2021 Tgt JHB 9.42 9.16 -2.8 4.9 Nuveen Int Dur Mun Term NID 13.88 13.36 -3.7 3.8 General Equity Funds GS Real Est Div Inc:A 9.61 NA NA -5.8 High Yield Bond Funds Nuveen TxAdvDivGr JTD 15.35 13.37 -12.9 -14.2 Nuveen Crdt Opps 2022 TT JCO 8.18 8.10 -1.0 6.9 Nuveen Mu Crdt Opps NMCO 13.10 12.91 -1.5 NS Adams Diversified Equity ADX 19.23 16.44 -14.5 13.4 GS Real Est Div Inc:C 9.59 NA NA -6.4 Griffin Inst Access Cd:A 23.04 NA NA 6.5 TCW Strat Income TSI NA 5.77 NA 7.2 Nuveen Global High Inc JGH 16.19 14.18 -12.4 8.3 Nuv Muni Credit Income NZF 16.23 14.76 -9.1 5.1 Boulder Growth & Income BIF 12.50 10.23 -18.2 -3.1 GS Real Est Div Inc:I 10.02 NA NA -5.6 Griffin Inst Access Cd:C 23.04 NA NA 6.5 Convertible Sec's. Funds PGIM Global High Yield GHY NuvMuniHiIncOpp NMZ 13.40 13.19 -1.6 5.3 Central Secs CET 36.47 29.35 -19.5 -2.1 15.77 13.56 -14.0 9.3 GS Real Est Div Inc:L 9.61 NA NA -6.0 Griffin Inst Access Cd:F 23.04 NA NA 6.5 AdvntCnvrtbl&IncFd AVK PGIM High Yield Bond ISD Nuveen Muni Val NUV 10.59 10.58 -0.1 3.4 CohenStrsCEOppFd FOF 11.64 11.60 -0.3 -1.9 16.47 13.93 -15.4 5.4 16.10 14.06 -12.7 8.9 GS Real Est Div Inc:W 9.75 NA NA -5.8 Griffin Inst Access Cd:I 23.04 NA NA 6.5 GI Conv & Inc NCV PioneerHilncmTr PHT Nuveen Quality Muni Inc NAD 15.96 14.41 -9.7 4.5 EVTxAdvDivIncm EVT 21.99 20.13 -8.5 -9.2 5.33 4.73 -11.3 -6.9 8.91 8.04 -9.8 9.1 NexPointRlEstStrat;A 15.36 NA NA -20.7 Griffin Inst Access Cd:L 23.03 NA NA 6.5 Wells Fargo Income Oppty EAD Nuveen Sel TF NXP 16.17 16.91 +4.6 3.2 PIMCO Flexible Cr I;A-2 GabelliDiv&IncTr GDV 22.50 18.90 -16.0 -4.6 AGI Conv & Inc II NCZ 4.78 4.20 -12.1 -7.4 8.58 7.47 -12.9 9.3 NexPointRlEstStrat;C 15.53 NA NA -21.0 8.67 NA NA NS Nuveen Sel TF 2 NXQ 15.45 15.12 -2.1 3.2 PIMCO Flexible Cr I;A-4 8.67 NA NA 10.6 Gabelli Equity Tr GAB 5.25 5.48 +4.4 0.9 AGI Dvs Inc & Conv ACV 28.94 26.06 -10.0 20.7 WstAstHIF II HIX 7.05 6.67 -5.4 8.7 NexPointRlEstStrat;Z 15.51 NA NA -20.2 Nuveen Sel TF 3 NXR 16.68 16.41 -1.6 3.1 PIMCO Flexible Cr I;Inst 8.67 NA NA 11.4 GeneralAmer GAM 42.02 34.78 -17.2 1.8 AGI Eqty & Conv Inc NIE 27.99 24.53 -12.4 20.5 Western Asset Hi Inc Opp HIO 5.37 4.99 -7.1 7.5 PREDEX;I 25.31 NA NA 0.4 PIMCO MuniInc PMF 12.97 13.35 +2.9 5.0 PionrILSBridge 10.00 NA NA 0.0 JHancockTaxAdvDiv HTD NA 19.47 NA -22.1 CalamosConvHi CHY 13.49 11.98 -11.2 16.8 Western Asset Hi Yld D O HYI 15.58 14.42 -7.4 7.6 PREDEX;T 25.39 NA NA 0.4 PIMCOMuniIncII PML 12.13 13.34 +10.0 5.4 WA Middle Mkt Dbt 609.45 NA NA 8.3 Librty AllStr Eq USA 6.58 6.03 -8.4 6.3 CalmosConvOp CHI 12.80 11.37 -11.2 18.2 Other Domestic Taxable Bond Funds PREDEX;W 25.39 NA NA 0.4 Pimco Muni III PMX 11.05 11.40 +3.2 4.9 WA Middle Mkt Inc 590.65 NA NA 9.7 Librty AllStr Gr ASG 6.85 7.12 +3.9 30.9 World Equity Funds Ares Dynamic Crdt Alloc ARDC 14.85 12.65 -14.8 9.8 Principal Dvs Sel RA A 23.19 NA NA -5.8 PioneerHilncAdv MAV 12.17 10.91 -10.4 4.2 Other Domestic Taxable Bond Funds Royce Micro-Cap Tr RMT 9.43 7.92 -16.0 7.8 Aberdeen Emg Mkts Eq Inc AEF 7.78 6.65 -14.5 -3.2 Barings Part Inv MPV NA 10.99 NA 8.4 Principal Dvs Sel RA Y 23.24 NA NA -5.5 PioneerMunHiIcmT MHI 13.03 11.59 -11.1 4.6 Am Beacon Apollo TR:T 10.14 NA NA NS Royce Value Trust RVT 15.42 13.35 -13.4 4.8 Aberdeen Tot Dyn Div AOD 9.42 8.02 -14.9 6.7 BlackRock Mlt-Sctr Inc BIT 17.82 16.08 -9.8 9.2 SharesPost 100;A 31.47 NA NA 8.1 Putnam Mgd Inc PMM 7.99 7.72 -3.4 4.9 Am Beacon Apollo TR:Y 10.16 NA NA 3.0 Source Capital SOR 42.00 35.51 -15.5 1.9 Calamos GloDynInc CHW 8.48 8.18 -3.5 16.3 BlackRock Tax Muni Bd BBN 25.07 26.29 +4.9 5.0 SharesPost 100:I 31.68 NA NA 8.3 Putnam Muni Opp PMO 13.68 13.23 -3.3 4.8 Am Beacon SP Enh Inc:T 9.22 NA NA NS Tri-Continental TY 30.71 26.43 -13.9 6.2 Cdn Genl Inv CGI 41.29 26.71 -35.3 13.8 DoubleLine:Oppor Crdt Fd DBL 19.36 19.14 -1.1 7.2 SharesPost 100:L 31.27 NA NA 7.8 RiverNorth Mgd Dur Mun I RMM 18.66 16.86 -9.6 5.9 Am Beacon SP Enh Inc:Y 9.25 NA NA 4.4 Specialized Equity Funds China CHN 30.59 26.05 -14.8 38.6 Duff&Ph Util Cor DUC 9.68 9.22 -4.8 5.8 USQ Core Real Estate:I 24.89 NA NA 0.1 Western Asset Mgd Muni MMU 13.64 12.20 -10.6 4.5 BR Credit Strat;A 10.11 NA NA NS Aberdeen Glb Prem Prop AWP 5.70 4.86 -14.7 -13.1 EV TxAdvGlbDivInc ETG 17.35 15.43 -11.1 3.9 EVLmtDurIncm EVV 13.36 11.80 -11.7 9.97 USQ Core Real Estate:IS 24.90 NA NA 0.2 Westn Asst Mu Def Opp Tr MTT 20.81 20.24 -2.7 3.5 BR Credit Strat;Inst 10.11 NA NA 5.1 Adams Natural Resources PEO 12.58 11.38 -9.5 -20.3 EtnVncTxAdvOpp ETO 24.02 21.57 -10.2 -5.9 Franklin Ltd Dur Income FTF 9.33 8.72 -6.5 11.0 Versus Cap MMgr RE Inc:I 26.83 NA NA NE BlackRock Mlt-Sctr Oppty Single State Muni Bond 83.94 NA NA 8.8 AllianzGI AI & Tech Opps AIO 24.20 21.40 -11.6 NS Gabelli Multimedia GGT 7.09 7.14 +0.7 -3.5 J Han Investors JHI 17.73 16.47 -7.1 7.9 Versus Capital Real Asst 24.73 NA NA 0.0 BlackRock Mlt-Sec Opp II 86.64 NA NA 8.6 BlackRock CA Mun BFZ 15.54 13.44 -13.5 3.4 GI DivInt&PremStr NFJ 14.01 12.17 -13.1 7.7 Highland Global Alloc HGLB 9.85 6.50 -34.0 -24.5 KKR Income Opportunities KIO 14.67 13.56 -7.6 11.1 Wildermuth Endwmnt:A 13.29 NA NA -1.3 Carlyle Tact Pvt Cred:A 8.35 NA NA 8.7 BR MH CA Qly Fd Inc MUC 15.69 14.25 -9.2 3.8 Wildermuth Endwmnt:C ASA Gold & Prec Met Ltd ASA 26.22 22.47 -14.3 76.5 India Fund IFN 19.57 16.59 -15.2 -4.7 MFS Charter MCR 8.84 8.57 -3.1 8.2 12.82 NA NA -2.2 Carlyle Tact Pvt Cred:I 8.39 NA NA 9.6 BR MH NJ Qly MUJ 15.76 13.98 -11.3 4.6 Wildermuth Endowment:I BR Enh C&I CII 17.36 15.48 -10.8 4.7 Japan Smaller Cap JOF NA 8.05 NA 4.9 Nuveen Taxable Muni Inc NBB 22.68 22.64 -0.2 4.9 13.35 NA NA -1.5 Carlyle Tact Pvt Cred:L 8.35 NA NA 9.1 BR MH NY Qly MHN 14.90 13.79 -7.4 4.0 Income & Preferred Stock Funds BlackRock Energy & Res BGR 7.71 6.74 -12.6 -31.2 LazardGlbTotRetInc LGI 17.78 15.61 -12.2 6.8 PIMCO Corp & Inc Oppty PTY 12.77 16.16 +26.5 9.8 Carlyle Tact Pvt Cred:M 8.40 NA NA NS BR MuniYld CA MYC 15.87 13.90 -12.4 3.6 A3 Alternative Cr 10.63 NA NA NS BlackRock Eq Enh Div BDJ 8.47 7.53 -11.1 -9.4 MS ChinaShrFd CAF 26.85 21.82 -18.7 6.4 PIMCO Corp & Inc Strat PCN 13.08 15.88 +21.4 8.9 Carlyle Tact Pvt Cred:N 8.35 NA NA 9.7 BR MuniYld CA Qly MCA 15.81 14.59 -7.7 3.9 Calamos L/S Eqty and DI CPZ NA 15.08 NA NS BlackRock Enh Glbl Div BOE 11.26 9.69 -13.9 1.1 MS India IIF 20.66 17.26 -16.5 -4.3 PIMCOHilnco PHK 5.17 5.48 +6.0 12.7 Carlyle Tact Pvt Cred:Y 8.35 NA NA 9.3 BR MuniYld MI Qly MIY 15.67 13.99 -10.7 4.2 Destra Multi-Altrntv;A 11.63 NA NA -8.3 BlackRock Enh Intl Div BGY 6.12 5.37 -12.3 6.0 New Germany GF 19.44 16.83 -13.4 25.0 PIMCO IncmStrFd PFL 9.72 10.10 +3.9 10.6 CION Ares Dvsfd Crdt;A 23.77 NA NA 5.9 BR MuniYld NJ MYJ 15.80 14.19 -10.2 5.1 Destra Multi-Altrntv;C 11.14 NA NA -9.1 BlackRock Hlth Sci Tr II BMEZ 24.76 22.70 -8.3 NS Templeton Dragon TDF 25.34 21.65 -14.6 40.7 PIMCO IncmStrFd II PFN 8.71 9.06 +4.0 10.5 CION Ares Dvsfd Crdt;C 23.73 NA NA 5.9 BR MuniYld NY Qly MYN 14.31 13.12 -8.3 3.9 Destra Multi-Altrntv;I 11.86 NA NA -8.1 BlackRock Hlth Sciences BME 42.21 42.93 +1.7 20.1 Templeton Em Mkt EMF 17.49 15.50 -11.4 14.4 Putnam Mas Int PIM 4.34 4.14 -4.6 8.6 CION Ares Dvsfd Crdt;I 23.84 NA NA 5.8 EVCAMuniBd EVM 12.70 11.45 -9.8 3.9 Destra Multi-Altrntv;T 11.30 NA NA -8.8 BlackRock Res & Comm BCX 7.66 6.39 -16.6 -8.5 Wells Fargo Gl Div Oppty EOD 5.14 4.50 -12.5 -5.8 Putnam Prem Inc PPT 4.80 4.60 -4.2 9.1 CION Ares Dvsfd Crdt;L 23.76 NA NA 5.8 Eaton Vance NY Muni Bd ENX 13.34 11.91 -10.7 4.0 Flat Rock Opportunity 17.17 NA NA -2.9 CION Ares Dvsfd Crdt;U 23.83 NA NA NS BlackRock Sci&Tech Tr II BSTZ 28.06 25.20 -10.2 27.8 Prem12 Mo Wells Fargo Multi-Sector ERC 12.41 11.33 -8.7 10.4 InvCaValMuIncTr VCV 13.51 12.37 -8.4 4.2 The Relative Value:CIA 24.63 NA NA 1.3 CION Ares Dvsfd Crdt:U2 23.84 NA NA NS BlackRock Sci&Tech Trust BST 41.60 41.00 -1.4 36.6 Fund (SYM) NAV Close /Disc Yld World Income Funds InvPAValMuIncTr VPV 14.02 12.54 -10.6 4.6 Variant Altrntv Inc:Inst 26.51 NA NA 6.0 CION Ares Dvsfd Crdt;W 23.89 NA NA 5.8 BlackRock Utl Inf & Pwr BUI 21.49 22.05 +2.6 -1.1 Abrdn AP IncFd FAX NA 4.11 NA 7.3 U.S. Mortgage Bond Funds InvTrInvGrNYMu VTN 14.11 12.42 -12.0 4.5 Variant Altrntv Inc:Inv 26.51 NA NA 5.7 CNR Select Strategies 11.18 NA NA 0.0 CBRE ClrnGlbRlEst IGR 7.47 6.14 -17.8 -11.9 BrndywnGLB Glb Inc Oppts BWG 13.88 12.45 -10.3 6.6 BlckRk Income BKT 6.33 6.20 -2.1 6.6 Nuveen CA AMT-F Qual MI NKX 16.64 15.32 -7.9 4.0 Convertible Sec's. Funds GL Beyond Income 0.89 NA NA NE CLEARBRIDGE ENGY MDS OPP EMO 14.12 10.95 -22.5 -71.2 EtnVncStDivInc EVG 13.36 11.47 -14.1 7.8 Invesco HI 2023 Tgt Term IHIT 8.26 7.83 -5.2 7.6 Nuveen CA Val NCA 10.76 10.54 -2.0 3.1 Calmos Dyn Conv and Inc CCD 25.50 22.61 -11.3 39.3 KKR CREDIT OPPTY;I 26.16 NA NA NS ClearBridge MLP & Midstm CEM 17.37 13.78 -20.7 -71.9 MS EmMktDomDebt EDD 7.00 5.81 -17.0 8.4 Investment Grade Bond Funds NuveenCAQtyMuInc NAC 16.06 14.50 -9.7 4.2 World Equity Funds KKR CREDIT OPPTY;T 25.91 NA NA NS ChnStrInfr UTF 23.27 23.06 -0.9 -6.3 PIMCO Dyn Crd & Mrt Inc PCI 18.88 19.01 +0.7 13.4 BlRck Core Bond BHK 16.26 15.86 -2.5 5.1 Nuveen MD Qual Muni Inc NMY 14.97 13.08 -12.6 4.1 ACAP Strategic:A 25.34 NA NA 38.4 KKR CREDIT OPPTY;U NA NA NA NS Cohen&SteersQualInc RQI 12.52 11.26 -10.1 -20.3 PIMCO Dynamic Income PDI 23.49 24.49 +4.3 12.6 BR Credit Alloc Inc BTZ 15.21 13.93 -8.4 7.0 Nuveen MI Qual Muni Inc NUM 16.05 14.04 -12.5 3.9 ACAP Strategic:W 18.90 NA NA 39.4 Lord Abbett Cred Opps Fd 9.39 NA NA NS Cohen&Steers TotRet RFI 12.71 12.78 +0.6 -9.8 PIMCO Income Opportunity PKO 22.25 23.46 +5.4 9.7 Insight Select Income INSI 21.89 20.34 -7.1 4.0 NuvNJ Qual Muni Inc NXJ 16.27 13.64 -16.2 4.6 BMO LGM Front ME;I 6.29 NA NA -23.3 Lord Abbett Cred Opps Fd 9.40 NA NA 8.2 CohenStrsREITPrefInc RNP 22.56 19.78 -12.3 -9.4 PIMCO Stratg Inc RCS 6.23 6.39 +2.6 10.9 InvescoBond VBF 21.36 19.97 -6.5 3.8 Nuveen NY AMT/Fr Qual MI NRK 14.77 12.90 -12.7 4.1 CalamosGlbTotRet CGO 12.68 12.81 +1.0 20.1 Lord Abbett Crd Op:U 9.40 NA NA NS Columbia Sel Prm Tech Gr STK 22.21 21.81 -1.8 12.2 Templeton Em Inc TEI 9.04 7.52 -16.8 8.4 J Han Income JHS 16.20 15.14 -6.5 4.7 Nuveen NY Qual Muni Inc NAN 15.26 13.74 -10.0 4.3 Primark Priv Eq Inv:III 10.00 NA NA NS Palmer Square Opp Inc 17.36 NA NA 6.5 DNP Select Income DNP 8.68 10.12 +16.6 -14.7 Templtn Glbl Inc GIM 6.14 5.30 -13.7 5.2 Resource Credit Inc:A MFS Intmdt MIN 4.01 3.86 -3.7 8.9 Nuveen OH Qual Muni Inc NUO 17.59 15.22 -13.5 3.4 VirtusTotalRetFd ZTR 9.00 7.98 -11.3 -2.6 9.81 NA NA 7.9 Duff&Ph Uti&Infra Inc Fd DPG 12.63 11.07 -12.4 -20.6 WstAstEmergDebt EMD 15.14 13.09 -13.5 9.2 Resource Credit Inc:C 9.90 NA NA 7.1 Western Asset Inf-Lk Inc WIA 14.00 12.73 -9.1 3.1 Nuveen PA Qual Muni Inc NQP 15.66 13.68 -12.6 4.5 Prem12 Mo EtnVncEqtyInc EOI 15.87 15.01 -5.4 5.9 Western Asset Gl Cr D Op GDO 18.36 17.25 -6.0 6.9 Resource Credit Inc:I 9.83 NA NA 8.1 Western Asset Inf-Lk O&I WIW 13.40 11.51 -14.1 3.6 Nuveen VA Qlty Mun Inc NPV 15.05 15.27 +1.5 3.5 Fund (SYM) NAV Close /Disc Yld EtnVncEqtyIncoII EOS 19.14 18.75 -2.0 19.5 National Muni Bond Funds Resource Credit Inc:L 9.80 NA NA 7.6 Westn Asst IG Def Opp Tr IGI 21.61 21.24 -1.7 3.9 PIMCO CA PCQ 13.96 17.42 +24.8 4.6 Loan Participation Funds EVRskMnDvsEqInc ETJ 10.02 9.96 -0.6 18.3 AllBerNatlMunInc AFB 15.09 13.49 -10.6 4.2 Resource Credit Inc:W 9.80 NA NA 7.9 Loan Participation Funds PIMCOCAMuniII PCK 8.87 9.10 +2.6 4.3 1WS Credit Income 19.20 NA NA 6.2 ETnVncTxMgdBuyWrtInc ETB 13.87 13.69 -1.3 -4.3 BlckRk Inv Q Mun BKN 16.34 15.96 -2.3 4.4 Thrivent Church Ln&Inc:S 10.96 NA NA 2.8 Apollo Senior Floating AFT NA 12.76 NA 8.2 Pimco CA Muni III PZC 10.06 10.64 +5.8 4.5 AlphCntrc Prime Merid In 9.96 NA NA NS EtnVncTxMgdBuyWrtOpp ETV 13.65 14.17 +3.8 6.1 BlackRock Muni 2030 Tgt BTT 26.15 24.58 -6.0 3.0 World Income Funds BR Debt Strategy DSU Angel Oak Str Crdt:Inst 21.63 NA NA 8.0 EvTxMnDvsEqInc ETY 12.16 11.20 -7.9 2.5 11.32 10.06 -11.1 8.5 BlackRock Muni BFK 14.28 14.00 -2.0 4.6 52 wk Destra Int&Evt-Dvn Crd:A 23.84 NA NA 5.4 Prem Ttl Axonic Alternative Inc 20.93 NA NA 3.9 EtnVncTxMgdGlbB ETW 9.67 8.84 -8.6 2.3 BR F/R Inc Str FRA 13.55 11.67 -13.9 7.9 BlackRock Muni II BLE 14.75 14.65 -0.7 4.7 Destra Int&Evt-Dvn Crd:I 23.85 NA NA 5.6 Fund (SYM) NAV Close /Disc Ret Blackstone/GSO FR EI D 22.93 NA NA 6.1 EVTxMnGblDvEqInc EXG 8.54 7.73 -9.5 3.4 BlackRock Floatng Rt Inc BGT 13.15 11.44 -13.0 7.9 BlckRk Muni Inc Qly BYM 15.55 14.06 -9.6 4.0 Destra Int&Evt-Dvn Crd:L 23.83 NA NA 5.1 Blackstone/GSO FR EI I 22.90 NA NA 6.4 First Trust Energy Inc G FEN 12.28 9.58 -22.0 -47.8 Blackstone / GSO Strat BGB 13.70 12.00 -12.4 10.4 BR MuniAssets Fd MUA 14.02 14.34 +2.3 4.3 General Equity Funds Destra Int&Evt-Dvn Crd:T 23.81 NA NA 4.9 Blackstone/GSO FR EI T 22.86 NA NA 5.9 First Tr Enhanced Eq FFA 16.79 15.26 -9.1 2.8 Blackstone/GSO Sr Flt Rt BSL 15.23 13.37 -12.2 9.1 BR MuniEnhanced MEN 12.19 11.17 -8.4 4.2 FNEX Ventures 10.00 NA NA N National Muni Bond Funds Blackstone/GSO FR EI T-I 23.35 NA NA 5.9 FirstTrEnergyInfra FIF 11.77 9.70 -17.6 -32.7 EtnVncFltRteInc EFT 13.87 12.18 -12.2 7.9 BR MuniHoldings Qly MFL 14.73 13.30 -9.7 4.0 Specialized Equity Funds PIMCO Flex Mun Inc;A-3 11.04 NA NA NS Bluerock Total Inc+ RE:A 29.34 NA NA 2.1 Blackstone/GSO FR EI U 23.87 NA NA NS PIMCO Flex Mun Inc:A1 11.04 NA NA NS FirstTrMLPEner&Inc FEI 6.53 5.07 -22.4 -48.7 EV SenFlRtTr EFR 13.65 11.81 -13.5 8.0 BR MH Qly 2 MUE 14.01 12.79 -8.7 4.2 Bluerock Total Inc+ RE:C 27.98 NA NA 1.4 Blstn Commnty Dev 10.16 NA NA 3.4 PIMCO Flex Mun Inc;Inst 11.04 NA NA 2.9 Gabelli Healthcare GRX 12.66 10.60 -16.3 7.2 EVSnrIncm EVF 6.50 5.94 -8.6 6.8 BR MuniHoldngs MHD 16.76 15.40 -8.1 4.7 Bluerock Total Inc+ RE:I 29.88 NA NA 2.4 BNYM Alcntr Glb MS Cr Fd NA NA NA 5.5 Tortoise Tax-Adv Soc Inf 9.65 NA NA 5.1 Gab Utility GUT 3.92 7.59 +93.6 23.1 FT/Sr Fltg Rte Inc 2 FCT 12.68 11.13 -12.2 9.3 BR MuniVest Fd MVF 9.61 8.73 -9.2 4.6 GAMCOGlGold&NatRes GGN 4.12 3.55 -13.8 -7.6 FT/Sr Fltg Rte 2022 TgTr FIV 9.25 8.62 -6.8 3.4 BR MuniVest 2 MVT 15.08 13.88 -8.0 4.7 J Han Finl Opptys BTO NA 23.61 NA -17.3 Highland Income HFRO 12.64 8.88 -29.7 10.4 BR MuniYield Fd MYD 14.74 13.59 -7.8 4.8 Neuberger Brmn MLP & EI NML 3.54 2.60 -26.6 -59.0 InvDYCrOpp VTA 11.01 9.20 -16.4 9.8 BR MuniYield Qlty MQY 16.26 15.68 -3.6 4.1 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Nuv Dow 30 Dyn Overwrite DIAX 15.93 14.00 -12.1 -16.7 InvSnrIncTr VVR 4.28 3.67 -14.3 7.5 BR MuniYld Qlty2 MQT 14.25 13.16 -7.6 4.1 NuvCorEqAlpha JCE 14.42 13.12 -9.0 -0.9 Nuveen Credit Strat Inc JQC 6.98 6.10 -12.6 18.1 BR MuniYld Qly 3 MYI 14.85 13.36 -10.0 3.9 Nuveen Nasdaq 100 Dyn Ov QQQX 25.50 24.82 -2.7 18.1 NuvFloatRateIncFd JFR 9.63 8.34 -13.4 8.2 BNY Mellon Muni Bd Infra DMB 14.24 13.57 -4.7 4.6 Money Rates September 7, 2020 Nuv Real Est JRS 9.17 7.93 -13.5 -21.3 NuvFloatRteIncOppty JRO 9.54 8.27 -13.3 8.2 BNY Mellon Str Muni Bond DSM 8.13 7.45 -8.4 4.9 Nuveen Rl Asst Inc & Gro JRI 14.58 12.37 -15.2 -20.8 PionrFltRate Tr PHD 10.94 10.34 -5.5 6.9 BNY Mellon Strat Muni LEO 8.42 8.28 -1.7 5.0 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a NuvS&P500DynOvFd SPXX 15.29 13.87 -9.3 -9.4 High Yield Bond Funds DWS Muni Inc KTF 12.54 11.20 -10.7 4.2 guide to general levels but don’t always represent actual transactions. NuvSP500BuyIncFd BXMX 13.08 11.52 -11.9 -4.5 AllianceBernGlHiIncm AWF 12.32 10.73 -12.9 7.2 EVMuniBd EIM 14.15 12.89 -8.9 4.2 ReavesUtilityIncome UTG 30.98 31.42 +1.4 -8.8 Angel Oak FS Inc Trm FINS NA 16.77 NA 7.7 EVMuniIncm EVN 13.93 12.52 -10.1 4.4 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low July index Chg From (%) Sept. 4, 2020 13 weeks 0.105 0.100 1.945 0.000 level June '20 July '19 Insider-Trading Spotlight Inflation 26 weeks 0.115 0.120 1.870 0.080 U.S. consumer price index Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys July index Chg From (%) Secondary market All items 259.101 0.51 1.0 level June '20 July '19 new information about the prospects of a company. Insiders are required to report large trades to the SEC Core 267.703 0.53 1.6 within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by U.S. consumer price index Fannie Mae 30-year mortgage yields Thomson Financial on September 4, and year-to-date stock performance of the company International rates All items 259.101 0.51 1.0 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer Core 267.703 0.53 1.6 30 days 1.895 1.895 3.388 1.751 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner Week 52-Week 60 days 1.957 1.951 3.403 1.804 Latest High Low I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: ago International rates unknown VP: vice president Excludes pure options transactions Other short-term rates Prime rates Week 52-Week U.S. 3.25 3.25 5.25 n.a. Latest ago High Low Week 52-Week Biggest weekly individual trades Canada 2.45 2.45 3.95 n.a. Prime rates Latest ago high low Japan Based on reports filed with regulators this past week 1.475 1.475 1.475 n.a. U.S. 3.25 3.25 5.25 3.25 Call money Policy Rates Canada 2.45 2.45 3.95 2.45 2.00 2.00 4.00 2.00 No. of shrs in Price range ($) $ Value Japan 1.475 1.475 1.475 1.475 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Euro zone 0.00 0.00 0.00 n.a. Commercial paper (AA financial) Switzerland 0.00 0.00 0.50 n.a. Policy Rates 90 days n.a. n.a. 2.53 0.04 Britain 0.10 0.10 0.75 n.a. Euro zone 0.00 0.00 0.00 0.00 Buyers Australia 0.25 0.25 1.00 n.a. Switzerland 0.00 0.00 0.50 0.00 Libor Aug. 12-14 Xerox Holdings XRX C. Icahn BI 1,309 17.20-17.70 22,790 18.65 -49.4 Overnight repurchase Britain 0.10 0.10 0.75 0.10 One month 0.15425 0.15675 2.05700 0.14925 Three month 0.24800 0.24088 2.16413 0.23375 Aug. 31 SmileDirectClub SDC D. Katzman CEOI 1,278 8.05-8.10 10,320 9.58 9.6 Australia 0.25 0.25 1.00 0.25 U.S. 0.10 0.10 3.40 -0.07 Six month 0.29213 0.30988 2.08525 0.28725 Aug. 31 J. Katzman DOI 663 8.05 5,338 Overnight repurchase Other short-term rates One year 0.42100 0.44525 2.07413 0.42100 Sept. 2 Franchise Group FRG B. Kahn CEO 175 25.50 4,463 25.17 8.5 U.S. 0.10 0.10 3.40 -0.07 Euro Libor Sept. 1-2 Invesco IVZ M. Flanagan CEOI 295 10.19-10.24 3,000 11.39 -36.7 Week 52-Week U.S. government rates One month -0.545 -0.545 -0.360 -0.621 Latest high low ago Three month Aug. 26-27 Live Oak Bancshares LOB J. Mahan CEOI 73 20.36-20.62 1,503 23.69 24.6 Discount -0.507 -0.509 -0.142 -0.539 Libor Six month -0.485 -0.473 -0.052 -0.491 Sept. 2 Baker Hughes BKR L. Simonelli CEO 71 14.12 1,006 14.53 -43.3 0.25 0.25 2.75 0.25 One year -0.398 -0.371 0.008 -0.441 One month 0.15563 0.15675 2.05700 n.a. Aug. 31 BioMarin Pharmaceutical BMRN D. Pyott D 13 78.22-78.84 1,002 76.00 -10.1 Federal funds Three month 0.24175 0.24088 2.16413 n.a. Secured Overnight Financing Rate Effective rate 0.0900 0.0900 2.3600 0.0600 Aug. 27-31 Flexsteel Industries FLXS D. Schmidt CO 59* 16.41-16.80 987 18.13 -9.0 Six month 0.29325 0.30988 2.08525 n.a. 0.10 0.07 5.25 0.01 One year 0.42100 0.44525 2.07413 n.a. High 0.1000 0.1000 3.0000 0.1000 Aug. 31 Quidel QDEL D. Bryant CEO 5174.99 875 154.41 105.8 Low 0.0500 0.0500 2.0500 0.0100 Value 52-Week Euro Libor Bid 0.0800 2.1000 0.0100 Latest Traded High Low Sept. 2 Aegion AEGN W. Galvin D 50 16.26 813 16.00 -28.5 0.0500 One month -0.551 -0.545 -0.360 n.a. Offer 0.0900 0.1100 2.5000 0.0500 Sept. 2-3 New Fortress Energy NFE C. Griffin D 25 28.00-28.72 706 28.74 83.4 Three month -0.513 -0.509 -0.142 n.a. DTCC GCF Repo Index Six month -0.492 -0.473 -0.052 n.a. Treasury bill auction Treasury 0.130 40.600 6.007 0.002 Aug. 28-Sept. 1Corcept Therapeutics CORT G. Baker DI 46 12.48-12.50 578 19.98 65.1 One year -0.404 -0.371 0.008 n.a. 4 weeks 0.090 0.080 2.025 0.000 MBS 0.132 82.000 6.699 0.011 Sept. 2 Lindblad Expeditions Holdings LIND T. Smith D 55 10.14 553 11.64 -28.8 Notes on data: Aug. 31 Camping World Holdings CWH M. Lemonis CEO 18 29.04 509 30.47 106.7 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Sept. 2 B. Riley Financial RILY B. Riley CEO 18* 27.15 483 26.40 4.8 aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of September 3, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded Aug. 26 Calix CALX D. Listwin DI 22 20.40 448 19.13 139.1 is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Sept. 1-3 Flotek Industries FTK D. Nierenberg DI 163 2.30-2.40 392 2.55 27.5 Tullett Prebon Information, Ltd. Sellers Sept. 1 Bill.Com Holdings BILL D. Chao DI 4,000 96.37 385,480 87.05 128.8 Cash Prices | wsj.com/market-data/commodities Monday, September 7, 2020 Sept. 1-2 Snap SNAP E. Spiegel CEO 5,942 22.13-23.04 133,772 22.44 37.4 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Aug. 27 Procter & Gamble PG N. Peltz DI 697 138.56-139.36 96,759 137.96 10.5 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Aug. 25 L Brands LB L. Wexner DOI 3,000 29.70 89,100 30.14 66.3 months. Aug. 27-28 Intuit INTU S. Goodarzi CEO 184 344.37-347.37 63,642 333.11 27.2 Monday Friday Friday Metals American Eagle-e 2024.19 Meat-bonemeal,50% pro Mnpls-u,w 183 Sept. 1 Workday WDAY D. Duffield DO 207 238.67-244.40 50,007 215.80 31.2 Mexican peso-e 2332.35 Oats,No.2 milling,Mnpls-u 2.9350 Aug. 31 M. Mcnamara D 150 239.00-246.72 36,292 Gold, per troy oz Austria crown-e 1892.63 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Austria phil-e 2024.19 Sorghum,(Milo) No.2 Gulf-u,k 5.3300 Aug. 31 Estee Lauder Companies EL F. Freda CEO 184 219.85-222.61 40,678 216.22 4.7 LBMA Gold Price AM *1937.60 LBMA Gold Price PM *1926.30 Silver, troy oz. SoybeanMeal,Cent IL,rail,ton48%-u 310.10 Sept. 1-2 Dollar General DG T. Vasos CEO 198 200.07-202.17 39,655 195.72 25.5 Silver, troy oz. Engelhard industrial 26.7000 Soybeans,No.1 yllw IL-bp,u 9.4850 Handy & Harman base 26.4300 Wheat,Spring14%-pro Mnpls-u 6.8250 Aug. 28 Ceridian HCM Holding CDAY D. Ossip CEO 500 72.18 36,090 72.66 7.0 LBMA spot price *£20.1900 Handy & Harman fabricated Wheat,No.2 soft red,St.Louis-u 5.6325 (U.S.$ equivalent) *26.8150 33.0380 Sept. 1 Stamps.Com STMP J. Carberry CFO 121 241.59-249.96 29,766 220.93 164.5 LBMA spot price *£20.3000 Wheat - Hard - KC (USDA) $ per bu-u 4.8250 Other metals (U.S.$ equivalent) *26.9000 Wheat,No.1soft white,Portld,OR-u 5.2850 Aug. 31-Sept. 1Verisk Analytics VRSK S. Stephenson CEOI 159 185.43-187.55 29,571 182.77 22.4 LBMA Platinum Price PM *903.0 Coins,wholesale $1,000 face-a 20472 Aluminum, LME, $ per metric ton *1753.0 Food Aug. 26 Silgan Holdings SLGN D. Horrigan DO 800 36.40 29,120 38.47 23.8 Other metals Fibers and Textiles LBMA Platinum Price PM *898.0 Beef,carcass equiv. index Sept. 1 NVIDIA NVDA J. Huang CEO 50 538.64-559.78 27,525 504.90 114.6 Platinum,Engelhard industrial 908.0 choice 1-3,600-900 lbs.-u 184.90 Cotlook 'A' Index-t *69.85 select 1-3,600-900 lbs.-u 167.92 Aug. 26-27 Costar Group CSGP A. Florance CEO 31 848.16-851.66 26,490 826.89 38.2 Palladium,Engelhard industrial 2302.0 Aluminum, LME, $ per metric ton *1743.5 Broilers, National comp wtd. avg.-u,w 0.6398 Aug. 28-Sept. 1Fastly FSLY S. Dhaliwal D 260* 90.32-97.10 24,316 80.92 303.2 Food Copper,Comex spot 3.0465 Butter,AA Chicago 1.4925 Iron Ore, 62% Fe CFR China-s 128.7 Cheddar cheese,bbl,Chicago 170.00 Aug. 28 Regeneron Pharmaceuticals REGN C. Poon D Coffee,Brazilian,Comp 1.2523 40 598.91-603.20 24,049 580.36 54.6 Shredded Scrap, US Midwest-s,m 235 Cheddar cheese,blk,Chicago 212.50 Coffee,Colombian, NY 1.8074 Milk,Nonfat dry,Chicago lb. 103.00 Sept. 1 Datadog DDOG O. Pomel CEO 259* 83.25-87.07 22,151 79.57 110.6 Steel, HRC USA, FOB Midwest Mill-s 541 Friday, September 4, 2020 Coffee,Brazilian,Comp 1.2301 * Half the transactions were indirect **Two day transaction Coffee,Colombian, NY 1.7815 Friday Fibers and Textiles p - Pink Sheets Eggs,large white,Chicago-u 0.8050 Energy Burlap,10-oz,40-inch NY yd-n,w 0.6200 Flour,hard winter KC 14.60 Cotton,1 1/16 std lw-mdMphs-u 0.5962 Hams,17-20 lbs,Mid-US fob-u n.a. Buying and selling by sector Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Cotlook 'A' Index-t *70.50 Hogs,Iowa-So. Minnesota-u 57.93 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Hides,hvy native steers piece fob-u n.a. Pork bellies,12-14 lb MidUS-u n.a. Based on actual transaction dates in reports received this past week Wool,64s,staple,Terr del-u,w n.a. Pork loins,13-19 lb MidUS-u 0.7461 Metals Steers,Tex.-Okla. Choice-u 102.00 Sector Buying Selling Sector Buying Selling Grains and Feeds Steers,feeder,Okla. City-u,w 150.46 Gold, per troy oz Fats and Oils Basic Industries 813,000 12,091,901 Finance 4,957,110 49,924,946 Engelhard industrial 1926.00 Barley,top-quality Mnpls-u n.a. Business services 186,924 9,868,668 Health care 2,790,619 73,939,190 Handy & Harman base 1926.30 Bran,wheat middlings, KC-u 88 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.5000 Handy & Harman fabricated 2138.19 Corn,No. 2 yellow,Cent IL-bp,u 3.4300 Grease,choice white,Chicago-h n.a. Capital goods 00Industrial 109,981 85,341,004 LBMA Gold Price AM *1934.10 Corn gluten feed,Midwest-u,w 103.6 Lard,Chicago-u n.a. Consumer durables 1,080,229 19,674,295 Media 07,912,903 LBMA Gold Price PM *1940.45 Corn gluten meal,Midwest-u,w 410.3 Soybean oil,crude;Centl IL-u 0.3415 Krugerrand,wholesale-e 2004.91 Cottonseed meal-u,w n.a. Tallow,bleach;Chicago-h n.a. Consumer nondurables 7,813 64,464,535 Technology 641,266 159,990,846 Maple Leaf-e 2024.19 Hominy feed,Cent IL-u,w 95 Tallow,edible,Chicago-u n.a. Consumer services 220,375 137,965,621 Transportation 020,417,389 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Energy 1,836,599 16,662,106 Utilities 46,323 12,206,349 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted; K=Prices are now in $ per bushel *Data as of 9/3 Sources: Thomson Financial; WSJ Market Data Group Source: Dow Jones Market Data P2JW252000-5-B00900-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, September 8, 2020 | B9 MARKETS European Stocks Rebound From Rout

BY ANNA ISAAC to records, skewing indexes Indexfutures performance duction capacity,SMIC shares British pound fell 0.9% against toward technologycompanies, S&P500 futures fell morethan 9% and were the dollar and 0.7% against the European stocks climbed af- might be ending. down 1.4% early Tuesday. euro. ter wild swingsintech shares “We’regetting abit of aro- 0% In aday thin on datadue to News reportssuggested a draggedmarketslowerlast tation out of the stay-at-home the U.S. holiday, China’sex- worsening risk the U.K. would week.U.S.stock trading was trade,” said Mark Haefele, portscontinued their strong exit from atransition phase at closed for Labor Day. chiefinvestment officer at -0.5 performanceinAugust, as the the end of the year without Thepan-continental Stoxx UBSGlobal Wealth Manage- continued global recovery striking atrade deal with its Europe 600 finished the day ment. “That’s boding well for boosted external demand. largest trading partner,the up 1.7%. the value and cyclical stocks. Exportsrose 9.5% from a European Union. This,along Early Tuesday, in Asia, “It also should be good for -1.0 year earlier,following a7.2% with the prospect of potential Japan’sNikkei Europe as while infections Nasdaq 100 futures increase in July,the General tax increases and rising coro- MONDAY’S Stock Average have risen alittle bit, death Administration of Customs navirus cases,weighed on MARKETS wasup0.5%at ratesare extremely lowand -1.5 said. EconomistsinaWall sterling. midday. Soft- people arestarting to focus on Street Journal poll had ex- “The temperatureintalks BankGroup,which lost 7. 2% the recovery,” He added. pected 7. 3% growth. has risen overnight,” said Jor- on Monday, wasdownafur- Lowinterest rates, aweak -2.0 German industrial produc- dan Rochester, currency ana- ther 1.3%. It wasdisclosed outlook forinflation and the tion increased forthe third lyst at Nomura Bank. “The Sept.6 Sept.7 Monday that SoftBank placed risk of a prolonged recession consecutivemonth in July,but mood music wasawful forthe abet on arise in tech stocks were also making it hardfor Source:FactSet itsrecoverylost steam, federal past few weeks and the mar- involving optionstied to as strategiststoplan forashift statistics office Destatis said. ket largely ignored it—that is much as $50 billion in shares. downward in equity prices. whereare yougoing to go? ernment said it wasconsider- Economistssaid the datasug- shifted. It seems like there is In U.S. stock futures trad- “We’re exiting the exciting You’vegot record lowyields, ing placing export restrictions gested the German manufac- no optimism foraproper deal. ing, S&P 500 futures were up part of the recovery where fixedincome isn’t going to on the company. Thestep turing sector wasstill far from “I’m bearish on sterling, 0.4%Mondaynight. But Nas- you’vehad rapid growth fora provide that natural hedge would mark amajor escalation a full recovery. and I expect a weak pound to daq futures were down 0.5%. short period of time,” said anymore,” Mr.McCormick in the Trump administration’s Segments of the Stoxx Eu- continue,” he added. Thegains in Europe came James McCormick, astrategist said. crackdown on Chinese tech- rope 600 most exposed to bets In commodities,global as data on German industrial at NatWest Markets. “Aswe On Monday, shares in Semi- nologycompanies.Early Tues- on industrials led gains in the benchmark Brent crude fell production showedacontin- reach the cruising altitude for conductor Manufacturing In- day, the shares were up 2.6%. region. 1.4% to $42.06 abarrel after ued but slowing recovery.Con- the recovery,we’regoing to ternational Corp., which is In Shanghai, wherethe In currencies, the ICE Dol- stateoil giant Saudi Aramco cerns remained that the long- find it a lot more worrying.” China’smost advanced chip companyrecently raised bil- lar Index, which tracks the on Saturdayloweredpricing running tech rally which has “Ifequities and credit do maker, fell as much as 24% in lions of dollarsthrough asec- dollar against abasket of ma- foroil it will sell to Asia and driven major U.S. benchmarks experiencesome downside, Hong Kong afterthe U.S. gov- ond listing to boost itspro- jor currencies, rose 0.4%. The the U.S. Euro’s Rally Spells Trouble For Companies on Continent

BY CAITLIN OSTROFF emerge from the Covid-19 eco- this year,compared with the nomic crunch. S&P500’s6%advance. Theeuro’srally this year is “We’reatthe start of the Thereal impact from the seen as avoteofconfidenceby pain threshold when Ilook at currency’s strengthening will investorsonthe prospectsfor the trade-weighted index,” said startshowing up on compa- Europe’seconomic recovery. VirajPatel, aforeign-exchange nies’ bottomlines,analysts JOURNAL

But companies and their share- and global-rates strategist at said. REET ST

holdersare bracing forpain. research firm Arkera. “Ifit But it is hardtoquantify LL

Theeurohas climbed 5.6% stays here, it’sasmall prob- howmuch it will eat intocor- WA against the dollar this year,its lem. If it goes higher,it’sabig porateearnings. Companies THE

biggest advancesince2017. On problem.” with morethan $250 million in R Sept. 1, it surpassed $1.20 for Thegains in the euromirror earningstypically deal in 40 FO LPI

the firsttime sinceMay 2018. a weakening in the dollar.In- currencies with morethan 200 VO

Thecurrencyis vestorshaveeased out of the crosscurrencies,said Wolf- CA CURRENCIES near a record greenbackinrecent months, gang Koester, senior strategist ANCES

on what is afterthe Federal Reservesig- at Kyriba,afinancial-software FR known as atrade-weighted ba- naled it would keep interest company. When the euro is strong, it makes exports such as cars more expensive for foreign buyers. sis.That means the eurohas rateslow and allowinflation to “Thereisatendencytore- also strengthened against the climb.That has erased 3.7% ally balancethis off what’s agement. Forevery 10% that bank IntermonteSim SpA. Ital- rencies.For every1%that the currencies of other major trad- from thedollar’s value this happeningbetween the U.S. the eurostrengthens against ian-American Fiat Chrysler euro strengthens against the ing partners,including China year. versus Europe,but in reality the dollar,eurozone corpora- Automobiles NV and Italian dollar,Ferrari’searningsper andthe U.K. Thestrengthening euro it’smuch morecomplexthan tions stand to lose about 3% in racing-car manufacturer Fer- sharecould fall about 1%, Mr. When the euroisstrong,it hasn’t weighed much on Euro- that,” Mr.Koester said. profits, he estimated. ForS&P rari see much of their sales Bertuzzo estimated. Thecar makes exportssuch as machin- pean stocks yet, though it is Eurozone companies in gen- 500 companies,a10% appreci- outside the eurozone.Fiat maker’s earningsfor the third ery, cars and chemicals from one of the reasons equity eral derivemoreoftheir in- ation in thedollar costscom- Chrysler,for instance, draws and fourth quarters, year over theeurozone moreexpensive benchmarks in the region have come from abroad than large panies as much as 2%. an estimated 70%ofits reve- year,are likely to be eroded by forforeign buyers. It also laggedbehind the U.S. gauges, U.S. businesses,which rely European carmakersare nue from North America. the currency’sdepreciation. erodes the value of overseas analystssaid. TheEuroStoxx more on the American con- likely to see profitseroded by Ferrari only builds itscars Fiat Chrysler declined to sales forcompanies in the 19 index, abenchmark tracking a sumer, said Lars Kreckel, astronger euro,said Gianluca in Italy,which means much of comment. Ferrari didn'tre- member states andcan chip broad swath of stocks in the global equity strategist at Le- Bertuzzo,anequity research itscostsare in euros while its spondtorequestsfor com- away at profitsjust as they euroarea, is down about 11% gal&General Investment Man- analyst at Italian investment sales arelargely in othercur- ment.

demic,while trading in NYSE Market value change this year Carnival, with a 5% rise. Warnings stocks—which surgedwhen Thebig tech stocks might marketsplunged—fell almost S&P500 have fallen, but they remain all the way back to normal. enormous.The market hasn’t About Tech Daytraderspiled intoop- Apple been so dominated by ahand- tions,too,especially the call fulofgiantssincethe 1970s. options that offer away to Amazon Thevalue of just the big five Shares multiply one’smoney if the of Amazon,Apple, Alphabet, market rises—or lose it all if it Microsoft Facebook and Microsoftrose falls.Options trading took off by $2.87 trillion in the year to Facebook ContinuedfrompageB1 as brokersmade it free,and is Wednesday, just ahead of the already begun and what the focused on big,popular stocks. Alphabet $2.85 trillion rise in the S&P broader effectsonthe rest of As aresult, they became alot 500’svalue.The five then lost the market and the economy morevolatile,evenasthe $0 trillion $0.5 $1.0$1.5 an astonishing $522billion of could be. pricerose,because the bro- Source:Refinitiv value on Thursdayand Friday. Thedanger signs cover kers have to hedgetheir posi- three broad areas: overly op- tions.Hedging call options ac- when stocks rise a lot, but in sell 1000 measure of growth Communications, which he difficulty with call- timistic sentiment, the impact centuates moves in the price, the past two months it has stocks was up by a third this scored the rare success of ing what’sbeen going of options trading,and the because when the stock price risen even as the S&P had year, while the value index turning itsname intoaverb. T on abubble is that it speed and scale of the rise of rises,the dealersneed to buy some of its best returns in was down almost 8%. Sales and profit aresoaring— makes sense that the compa- leviathan technologystocks, moretocover risk,and when history. The breakdown of Still, the excess is different but the shares aresoaring nies performing the best which have leftmuch of the the pricefalls they cansell. normal market relationships from that of the dot-com bub- even more. At 144times its should also have the top-per- rest of the market in the dust. Theoptimism of SoftBank is a good reason to worry. ble.Back then, stocks thrived own upgraded forecast of op- forming shares,and the and the daytradersisvisible Even as tech optimism is on hope,with little in the way erating profits (adjusted, but shares of the companies doing ny indicator tied to the in the ratio of calls on indi- obvious,sentiment in much of of sales and profitsafigment let’sbeoptimistic!) itsshares the worstshould plummet. Abig tech stocks shows vidual stocks to the defensive the rest of the market re- of someone’sspreadsheet. arepriced not only forwork- When views on the pandemic howsentiment is ex- put options that protect mains morose.Bearsstill out- This time,the stocks that are from-home to become the and the political reaction tremely positive, aided by the against losses.Smoothing the number bulls in the weekly up alot arefrequently highly norm, but forZoom to beat switch, the winnersrightly return of the daytrader.This noisy ratio over 10 days,on survey of membersofthe profitable,and almost all are deep-pocketed contendersfor fall back and the losersjump. shows up both in the stock Wednesdaycall options out- American Association of Indi- winnersfromthe pandemic the verb,such as Microsoft- Thetrouble is that momen- and option markets, where numbered putsbythe most vidual Investors—a group that and from lowbond yields.The owned Skype,Google’sMeet tum has takenhold too. The Japan’s SoftBank has poured sinceMarch 2000,the height doesn’t capturethose newto danger isn’t that they prove and Facebook’s WhatsApp. gapbetween the winnersand in roughly $4 billion.Most ob- of the dot-com bubble. trading sincelockdown. worthless, as with so many Thursday’s price moves losersisvast; on some mea- viously,trading volume on Options are intimately The split is captured by dot-coms.Instead, it is that in- showed what can happen sures it is the biggest ever. Nasdaq,wheremost of the tied to volatility, and volatil- the gap in performance of vestorsare projecting that ev- when investors change their Small changes in reality or in tech stocks arelisted, arerun- ity has been weird. The VIX the growth stocks and cheap eryyear will be likethis year. minds. Zoom shares fell 10%, sentiment canlead to big ro- ning at morethan double index of implied volatility on stocks, known as value. By Perhaps the biggest pan- while the biggest gainer in tations when that gapcloses their levels beforethe pan- the S&P 500 usually falls Wednesday’s high, the Rus- demic winner is Zoom Video the S&P 500 was cruise line just alittle,asinlast week.

THE TICKER | Market events coming this week

Tuesday Earnings expected* NYSE 3.4 Producer price index Friday Consumer Credit Estimate/Year Ago($ Nasdaq 2.3 All items, July up 0.6% June, previous up $9 bil. American Eagle Aug., expected up 0.2% July, expected Outfitters (0.17)/0.39 Core, July up 0.5% consumer-price index BigCommerce Holdings EIA status report Aug., expected up 0.3% up $13 bil. Previous change in stocks in All items, July up 0.6% (0.50)/n.a. Aug., expected up 0.3% Earnings expected* millions of barrels Descartes Systems Crude-oil stocks down 9.4 Core, July up 0.6% Estimate/Year Ago($) Group 0.13/0.10 Gasoline stocks down 4.3 Wholesale inventories Aug., expected up 0.3% Casey’s General Stores HD Supply Holdings Distillates down 1.7 June, previous down 1.4% 2.06/2.31 0.73/1.08 July, expected down 0.1% HealthEquity 0.27/0.45 RH 3.40/3.20 Treasury budget

GES Lululemon Athletica Zscaler 0.03/0.07 EIA report: natural-gas Aug., ‘19 Previous change in stocks in

IMA 0.56/0.96 Earnings expected* $200.0 bil. deficit billions of cubic feet Slack Technologies Estimate/Year Ago($) Aug.,’20, exp N/A ETTY

/G (0.03)/(0.14) Thursday up 35 Chewy (0.18)/(0.21) ANO

IS Initial jobless claims Oracle 0.86/0.81 Earnings expected* CC Wednesday Short-selling reports

LO Ratio, days of trading volume of Previous 881,000 Peloton Interactive Estimate/Year Ago($) Mort. bankers indexes current position, at Aug 14 Expected 850,000 0.09/(0.14) Kroger 0.52/0.44 Purch., prev. down 0.2% MICHAEL * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN PARENTHESES)  ADJUSTED FOR Peloton is expected to post earnings on Thursday of 9 cents a share. Refinan., prev. down 3% STOCK SPLIT NOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF ECONOMISTS P2JW252000-0-B01000-1------XA

B10 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

Natural gas futures price ShareofU.S.electricity ElectricityGives Coal aCharge generation from coal $2.75 per million British thermal units 40% Energy source forpowering the grid gets aboostasnatural gas prices rise 2.50 30 Coal is on its way out of the from 18% this year while natural gasprices to average$2.90 for electrical grid, but not without gas-fired power’ssharewill decline the remainder of 2020 and $3.30 2.25 some dying flickers. to 35% from 40%. That comes after for2021, while RBC’sMr. Louney 20 Cheap, cleaner natural gas had morethan adecade over which estimates prices will edgeupto been eating away coal’s market coal gradually lost share. $2.60 in the fourth quarter and 2.00 share for some time. But with nat- RBC analyst Christopher Louney gradually moveupto$2.80 by the 10 ural gas prices around $2.50 per estimates that natural gas burn for end of 2021. 1.75 million British thermal units, electricity could decline 2% year The shift will vary significantly nearly 70% higher than the lowest over year in 2021 while coal gener- by region. The Midwestern and Projections point this year, the tables are ation picks up 6%—at the conser- Southeastern power markets, 1.50 Mostactive 0 about to be turned. vative end of his forecast. which need to bring in natural gas 2020 2014 ’16 ’18 ’20 Natural gas prices are being Despitecheerleading from the through pipelines, already are see- propped up by stronger-than-ex- WhiteHouse,the reversal will do ing signs of natural gas-to-coal Sources: FactSet (futures); U.S. Energy Information Administration (share) pected power demand—lots of air little to salvagecoal’sbleak future. switching, according to Mr. Jack- conditioners running in homes But it reveals howcutthroat the son. Pipelines are running at full the respective markets as of mid- atorstoshut down. An additional 25 helped offset losses in commercial natural gasbusinesshas been in capacity, leading to regional gaps day Friday. The Northeast, on the gigawatts, roughly 11% of coal power usage—as well as muted supply. recent years. Therehavebeen in natural gas prices. As an exam- other hand, is closer to dry gas ba- capacity as of year-end 2019,isex- Energy companies halting produc- other surges—in 2018 natural gas ple, prices for the Chicago Citygate sins and hasn’t seen signs of coal pected to retireby2025,according tion from oil wells due to low oil prices struck close to $4 and tem- index in the Midwest averaged switching yet. That could change to the EIA.Already,manycoal prices have shut off associated gas porarygas-to-coal switching was $2.05 in August, while the price in in winter months when heating de- plantsare unable to operateenough in the process. Despite the price observed—but those rallies weren’t Dominion South—a hub close to mand surges. hourstocover costsand some have rally so far, producers are cautious as stickyasanalystspredict this the gas-producing Marcellus and Yetnone of this portends alast- evaluated planstorun only during about ramping up production, hav- one will be and were never enough Utica basins—was $1.21. The Mid- ing comeback forcoal-fired power. seasons with high demand. ing weathered so many lean years. to shiftthe annual shareofelec- west and the Southeast also still As recently as 2015,coal wasthe This may not be the last time As aresult, the U.S. Energy In- tricity away toward coal. rely on coal for a substantial share largest fuel source forelectricity in that market forces temporarily re- formation Administration estimates Luke Jackson, team leader for of their electricity generation: The the U.S.,but lownaturalgas prices verse the tide. Coal’s fade to black that coal’sshareofelectricity gen- North American natural gasat hydrocarbon accounted for 49% and rigorous environmental stan- could be a long one. eration will tick up to 22%in2021 S&P Global Platts,expectsnatural and 44% of electricity generated in dards have pushed manycoal gener- —Jinjoo Lee

Estimatedsocial value as aproportion of Sustainable market value forselected global sectors Facebook Is Face of Politics -60% -40-20 0 20% Investing Fixed line telecom Mobile telecom Try as it might, politics are now offending postsseems to serveasa Pharma &biotech a friend Facebook can’t block. sort of proof to those who allege Amid pressure from virtually all their voices arebeing silenced. Household goods Can Be angles, the social media network At the heart of the issue is the Software has slowly been layering in regula- blurring of the lines between what Banks tions to check the dissemination of is politics and what is personal, as Blurry hateful and inaccurate content in the averagecitizen in Facebook’s Market posts and ads on its platforms. home countryundoubtedly has be- Oil &gas producers Facebook said last week that it come morepolitical in an election General industrials will prohibit new political ads in year racked by pandemic and reces- There’s one area where Construction &materials the week before the U.S. presiden- sion. Some nowfeel that apersonal risk ratings are possible Mining tial election and seek to flag candi- post without apolitical statement is dates’ premature claims of victory. in and of itself apolitical statement. General retailers Chief ExecutiveOfficer Mark That couldn’t have been Mr.Zucker- Can environmental, social and Food &drug retailers Zuckerbergsaid the newmeasures berg’sintent when he advocated for governance risks be quantified? Electricity areintended to combat the risk of apublic town squareoffreespeech. With the notable exception of car- Chemicals civil unrest among a“nation so di- And yet, with abusinessthat Wall bon emissions, probably not—but vided.” But at this point, anyat- Street is predicting will generate that doesn’t mean the exercise Travel &leisure tempt by Facebook to depoliticize nearly $80 billion in advertising isn’t useful for investors. Beverages itsplatform is futile at best and po- revenue this year precisely by tar- Interest in sustainable invest- Industrial metals tentially even harmful to usersand geting itsavid users, it is unlikely ment is ballooning. One sign is the itsown bottomline.The social me- Facebook wantstotinker toomuch. Aerospace&defense money given to mutual funds: In dia app,which wasfounded on the No matterthe optics of the safe- the first half of 2020, net flows Tobacco relatively innocuous premise of stu- guards the companycontinues to into sustainable funds totaled -60% -40-20 0 dentssharing flattering photos of implement, the reality is that as $20.9 billion in the U.S., according Source:Schroders themselves with one another,has America’sdeep political divide per- to Morningstar, compared with evolved from personal to politicking. sists, therewill be no easy way to $21.4 billion for 2019 as a whole. is pressure is building on compa- environment foralmost adecade. Forone thing,the majority of the separatewhat is apictureand what Fund managersthat don’t spe- nies to assume a greater share of Yogurt maker Danone this year nearly 1.8billion userslogging into is aposition. Thebest warning label cializeinESG strategies arescram- these costs, which it estimated last started to report earningsper share itslegacyBlue app everyday seem would be one that explains just that. bling to incorporatethem intotheir year at $2.2 trillion or 55% of cor- adjusted forits carbon footprint. to specifically be therefor or at —Laura Forman investment frameworks.Thereisan porate profits globally. Ultimately, putting a number on least be willing participantsinsome industryofrisk ratings, but these SustainEx sees the tobacco sec- ESG risks isn’t so different from is- amount of the political discourse.It Facebook’s daily activeusers come with aproblem: Thecorrela- torasmost at risk,given the health suing a qualitative rating. Schrod- is nowvirtually inescapable on its 2.0 billion tion between companies’ ratingsof problems caused by smoking.The ers used academic studies to esti- platforms,beitelection news,views Projection the same stock is lowbecause they market agrees: Aftermanyyearsof mate costs in as objective a way as about Covid-19 or photos and fund- measureperformancedifferently. stellar performance, tobacco stocks it could, but another investor raising toward social justice. An example is Tesla.MSCIrates the have fallen from grace since2017as could package the same or other Meanwhile,attemptsbyFacebook 1.5 electric-car maker highly because of the U.S. Food and Drug Administra- studies differently and come up to limit misinformation actually itsenvironmentally friendly prod- tion has toughened itsstance. Other with different numbers. might be compounding the political ucts, while FTSE Russell gives it a conclusions,such as the social risk One area where ESG risks can divide.Adding avoting information middling scorefor other reasons. to the earningsofhighly ratedalco- easily be compared is the carbon banner to the topofAmerican us- 1.0 This confusion gives ESGratingsa holic drinks producerssuch as Dia- emissions held responsible for cli- ers’ feeds,for example,will help to reputation forfuzziness. geo,are moresurprising. mate change. Tougher carbon cap- spread the word about when and Quantifying the risk to earnings Such an approach has the advan- and-trade programs in particular howtovoteduring the pandemic. from a given concern is a pleas- tage of bridging the gapbetween could crystallize risks to earnings But it also primes userstoapproach 0.5 ingly sharp-edged alternative. Lon- ESGanalysis and conventional stock identified in models such as Sus- itsapp in apolitically chargedman- don fund manager Schroders has analysis,which revolves around tainEx. Amid the confusion around ner. Meanwhile,offering the ability developed a tool, SustainEx, to put earnings estimates.Some compa- how to approach ESG factors, com- to mutepolitical ads could mean us- 0 a value on a company’s “externali- nies made similar efforts: Sports- paring companies’ carbon foot- erssee only those shared by friends, ties”—the unpaid costs of its activ- wear brand Puma has published a prints is a good place to start. perpetuating an echo-chamber ef- 2014 ’16 ’18 ’20 ity borne by society. The rationale survey of what itsproductscost the —Stephen Wilmot fect, while adding warning labels to Source:the company(actual); FactSet (projection) MARKETS In an Election Year, a Rally Can Point to a Winner

BY PAUL VIGNA But the big market selloff S&P500 Months beforeelection IndexperformancesinceAug. 3 or the other way around, said Thursday and modest decline when the incumbantparty lost Shawn Snyder,the head of in- Thestock market’sperfor- Fridayhighlight howdistant 1500 10% Dow vestment strategy at Citi Per- mancewon’t definitively deter- last month’sperformance industrials sonal Wealth Management. 1450 mine who wins the White might seem to investorsifthe 8 S&P500 Forone thing,ifinvestors House,especially in ayear as coming months end up being Nasdaq think the incumbent will win, unpredictable as 2020.History, as volatile as many expect. 1400 Composite they anticipatelesspolicy 6 however, shows the incumbent September is historically 2000 election change and are therefore less has aclear advantagewhen the thestock market’sweakest 1350 likely to shift their portfolios market rallies in the months month, with the S&P 500 down July 2000 Aug. Sept. Oct. Nov. 4 ahead of an election, he said. precedingElection Day. 54% of the time over the past Conversely, if they expect the Going back to 1928,incum- 93 years, according to Dow 1400 incumbent to lose—and bent presidents, or candidates Jones Market Data. Itsaverage 2 anticipategreater policy from the controlling party, return is negative0.96%. The 1200 change—they mayposition have won nearly 90% of elec- index, however, tends to fare 0 differently by buying and sell- tions when the S&P 500 is betterduring presidential elec- 1000 ing various stocks. positive in the previous three tion yearsthan in the other 2008 election National polls would indi- months, according to broker- three yearsofthe cycle,falling 800 –2 cate investorsshould prepare age firm BTIG. 0.3% on average. July 2008 Aug. Sept. Oct. Nov. Aug. Sept. forchange. Arecent NBC/WSJ “That is aboutasclose to Therally already began to Source:FactSet poll showed JoeBiden leading unequivocal as youare ever falter last week, with the S&P President Trump,50% to 41%. going to get,” said BTIG ana- 500 falling 4.3% over the last ticularly in the period sur- recovery might be in jeopardy. stances when in an election Thegap,though, wasnarrower lyst Julian Emanuel,who re- twosessions.The losses rounding the election. And thereisstill no guarantee year the market fell from the in several key states,including searched the history. trimmed the year’s gains to Manypredict the race to be a vaccine for the virus will be end of August through Election Ohio,Texas and Florida. August kicked off the period 6.1% and the rebound since tight, or even contested, and ready in the near term. Day, he said. It happened in One thing on which many with big gains.The S&P 500 March to 53%. Manyinvestors fear the result won’t be known Astrong summer gives 1932, 1960 and 2008,when Re- analysts agree: The winner of rose 7% last month, itsbest saw it as a reaction to a mar- fordays,orpossibly weeks, stocks an even higher perch publicans held the White the election won’t be as big of August since1986,while cap- ketthat wasrunning hot. This afterElection Day. That sce- from which to fall, Mr. Eman- House.Italso occurred in 1952, an influenceonthe stock ping the strongest five-month year’s biggest winners, includ- nario would likely put pres- uel said. And when the market 2000 and 2016,when Demo- market as some politicians runsince1938.That sounds ing Apple Inc., Microsoft sure on stocks. is down from the end of Au- cratsheld the WhiteHouse. suggest. likeabullish sign forasitting Corp.and Amazon.com Inc., Themarket faces other un- gust through Election Day, All six times,the incumbent “A good companywith good president, especially one who suffered the steepest losses. knowns as well. If the corona- that is bad news forthe in- party lost the election. earningsismoreofadriver enjoys tweeting about the Some investorsare bracing virus pandemic were to surge cumbent party. Yetitishardtosay than Washington,” Mr.Snyder stock market’srallies. formorevolatility ahead, par- anew, the fledgling economic Therehavebeen six in- whether stocks driveelections said. P2JW252000-0-R00100-17FFFF5178F INVESTJOURNINGIAL REPORNFT • AMUNDonthly AnalyS&Esis TFS

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | R1

Lessons From The Previous Pandemic

When Covid-19 hit, bullish investors looked for lessons from 100 yearsago. But comparisons may be misleading.

BY MARK HULBERT

n February and March, when the Covid-19 pandemic was just gathering steam, in- vestors began scouring the historical record for prece- dents: How do you forecast the market in such a global crisis? I Many zeroed in on the 1918-20 Spanish flu pandemic. On the surface, it bore many simi- larities to the Covid-19 emergency, involving a lethal virus with fast- spreading global contagion. And so it was encouraging to investors that the U.S. stock market was im- pressively resilient throughout that health crisis. Now, half a year after the cur- rent crisis began, it is clear that this “Covid market” is writing its own playbook. According to several econo- mists, the similarities that were initially identified have turned out to be misleading. Yes, the markets have bounced back, just as they traded higher in the months after the pandemic’s start 100 years ago. But a careful analysis of the two periods shows that economic uncertainty has been far higher during the current pandemic than it ever was then. To learn more about what the future may hold, we must examine periods other than the Spanish flu pandemic— ones that weren’t as deadly, but had much higher economic uncer- tainty than that crisis.

Difference in lockdowns The biggest supposed similarity

T between the two pandemics has been the strength of the markets. UNKER

PL But a closer look shows that the

VID market performance of the two

DA PleaseturntopageR6 INSIDE

DIY Saving for College Fund Results SCOREBOARD Whatparents August2020fund performance, total return by fund type.MoreonR2. Annuity need to know U.S. Intl. Bonds Thenotion of creating about Fafsaand stocks* stocks* (intmd.) ado­it­yourself annuity CSSasthe Mutual-fund and financial-aid ETF monthly data might sound intriguing, on pages R6, but thereare pros and processstarts 5.5% 4.7% –0.5% R8 and R9 and at *Diversifiedfunds only,excluding sector cons to it. R4 on Oct. 1. R9 WSJMarkets.com and regional/countryfunds Source:Refinitiv Lipper

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R2 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

A Journal Report U.S.-stock funds Monthly special look at the

numbers and news about 13.5% DA Monitor this month’s investing 6.3 5.1 5.5 2.2 William Power

AM JJA TA JR l 2020

l Insight 2, 00 U.S.-Stock Funds Rose 1. 5.5% in August 73 Fund investors continued to be rewarded in August by a defiant stock market. The question is how long stocks can continue to thrive with so much uncertainty. Market The Dow’s declines late last week, headed pointgain, or into the Labor Day weekend, 7.6%,inAugust could be either an omen or a blip. —the best The average U.S.-stock fund pointand posted a total return of 5.5% in percentage August, according to Refinitiv gain since Lipper data, to push them into April. It has a the black for the year to date, at five-month 3.6%. International-stock funds winning streak. were up 4.7%, but are down 1% so far this year. “I think August was pretty in- credible in light of a normally low-volume month, and the mar- 26% ket performance has just contin- ued to surprise people on the up-  side,” says Linda Zhang, senior Median existing-home Average rate adviser to financial-tech startup sale price in the U.S., on a 30-year SoFi and chief executive of Pur- 08.31.20 $304,100 up 8.5% from ayearago 2.93% fixed mortgage view Investments in New York, a firm specializing in global and sustainable investing. Home-building stocks have repaired the damage.Record-lowmortgage rateshave “Manypeople areworriedifthe House market is ahead of itself,” says Dr. attractedbuyers—helping the housing market recoverfromits Covid slump earlier The Nasdaq Money in the year. (Above, new luxury homes at the Pacific Highlands Ranch master- Composite Zhang. “But if history is anyguid- plannedcommunityinSan Diego.) Among funds thatinvestinthe sector,iShares Index’syear-to- ance, the real economyand capital date gain, marketsare notnecessarily in U.S. Home Construction ETF (ITB)isup19% this year.Thatdoesn’t matchlast blowing away sync,especially during dramatic year’s pace, when the fund wasup48%, but the sector is no longer afixer-upper. the overall economic developments,” such as market’s in 2008-09, she says.“So,we’ll performance, probably seehistory kind of re- even afterthe peatitself, wherethe twosides— ‘Don’t expect real GDP to reach pre-Covid levels until 2022. tech-stock the real economyand markets— declines of late arenot in sync,and might lastweek. Despite tremendous policy support, the economic continue to be so forsome time.” recovery will be in fits and starts.’ Many investors are turning to the relative safety of bonds. Anwiti Bahuguna, head of multiasset strategy, Columbia Threadneedle Investments Funds tied to intermediate-matu- rity, investment-grade debt (the 44 most common type of fixed-in- come fund) slipped 0.50% in Au- l Charted gust but are up 6.8% this year. Dr. Zhang notes that there is a Out With the Old, In With the New rising risk of sector rotation. For % TheDow JonesIndustrialAverage gotamakeoveratthe end of August. Three of Aug. 24 Aug. 28 example, though tech stocks have the 30 stockswerechanged. The makeoverwas triggered by Dowcomponent Switch wasannounced Switch happened sold off the past two sessions, Apple Inc.'s 4-for-1stock split,which would have given the information- afterthe close the tech sector’s performance technology sector asmaller representation in the price-weightedDow. was recently at 70 percentage Gain so far Salesforce.com points above the worst sector, $250 this year for Amgen fossil-fuel energy. gold-oriented When sector rotation happens, mutual funds when tech loses leadership, what Stock and ETFs being will be the next sector to thrive? 200 added “That’s something that nobody will know for sure. Some indus- tries may experience a near-term Honeywell 150 rebound, yet be watchful for their -7 long-term damage,” she says. (More on stock sectors, page R5.) Andrew Mies, chief investment 100 officer at 6 Meridian, an invest- 3% ment adviser in Wichita, Kan., says a lot of the firm’s clients are confused lately by what they see Raytheon 50 Stock in the day-to-day real economy, being Exxon Mobil and what is happening in finan- Pfizer removed cial markets. The two don’t have to always 0 Oil Futures march in step, he says, but they JFMAMJ JAS July 3, 2008 “need to converge eventually, or Source:FactSet $145.29* the valuations of some of these Sept.4 companies aren’t going to be log- $39.77 ical at all.”

l In Translation Mr. Power is a Wall Street Journal news editor in South Brunswick, N.J. Email him at Explaining *Recordhigh [email protected]. Contango/Backwardation Source:Macrotrends Crude-oil futures’decline Two exotic-sounding terms are important from the Reprints Available record high in for commodities investors to understand July 2008.The decline this Individual Copies year alone— Recent issues of The Wall Street Investors in commodities funds that those con- Journal can be purchased at thanks to virus wsjshop.com while supplies last. hold futures contractswill hear or read the tracts were impactand The entire issue including this wordscontango and backwardation. The priced at other costsin- pricewars—is report can be obtained for $11. The report alone is $6. terms areapt to confuse even those with $2,238.50. clude the moneytied 35%, to $39.77 some Wall Street experience. This is wherecontango and backwarda- up in owning the commodity, as well as abarrel. Bulk Orders Consider palladium, aprecious metal tion come into play. insuranceand security. For more than 10 copies, usedtomakecatalytic converters: When When the prices arehigher forlonger- Thereare times,however, when the Sources: please email [email protected] youbuy afutures contract forpalladium, datedcontracts,the market is in contango. shorter-datedcontracts cost morethan DowJones to inquire about discounted pricing Market Data; and shipping. OR: effectively youare agreeing to purchase Youpay morefor materials delivered later the longer-datedones.That’saninverted Refinitiv Lipper MONIT

the metal at acertain pricefor deliveryat to coverthe costsofthe merchantwho market,orbackwardation. Reprint or License Articles: ;

aspecifieddateinthe future. has to hold the commoditylonger. “Backwardation reflects asituation To order reprints of individual OW However, differentpalladium contracts “The cost of storage and other costsis with very tightnearby supplies,and every- articles in printordigital format, or BL to licensecontent,pleasecontact: UL have differentdeliverydates and hencedif- whynormally the deferred contract is one wants the producerstosell it to them PA Online: www.djreprints.com ferent prices.Inmid-August, the pricefor higher than thecloser one,” says James now,” says Shawn Hackett, presidentof Phone: 1-800-843-0008 TION: September-datedpalladium was$2,209 an Roemer, acommoditytrading adviser and HackettFinancial. “Think of backwardation Email:

ounce. If youwantedtowait until Decem- weather forecasteratBestweatherinc.com as apremium forconvenience.” [email protected] ANSLA TR

ber fordelivery, youwould paymore— in Sarasota,Fla. In addition to storage, —Simon Constable IN P2JW252000-0-R00300-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | R3

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R4 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

plan Iaccumulatedwhile Iwas work- ing. Iamconsidering naming achari- table organization as the plan’s bene- ficiary.When Idie,will the funds be paid to the charity without being taxed,oristhereaprovision in the tax code thatwould tax the payment?

The answer, happily,issimple.And this question gives me the chancetoremind readersabout asecond way to be chari- table,one with its owntax advantages. Yes, youcan name acharityasthe beneficiaryofaretirementplan, and no,therewould be no tax on the trans- fertothe charityafter your death. “For anyone who is charitably in- clined, funds like individual retirement accounts or 401(k)s areactually the best assets to leave to a charity,” says Ed Slott,anIRA expert in Rockville Cen- tre, N.Y. “That’sbecause theyare loaded with deferred taxes that will never get collected when the funds are donated.” Still, youmightdecide,atsome point, thatyou would liketosee howyour do- nations arehelping othersbeforeyou passon. In thatevent,consider making a qualifiedcharitable distribution, or QCD. As we’ve noted in earlier columns, a QCDisatax break forindividuals age 70½ or older. It allows you to transfer money, tax-free, from an IRAtoachar- ity. (And thatpresents awrinkle forthis reader: You first would have to roll the funds from your 401(k) into an IRA to take advantage of a QCD.) Recent changes in tax laws offerad- ditional reasons to consider using a AskEncore Glenn Ruffenach QCD, Mr. Slott says. For instance, Con- gressrecently endedthe so-called stretch IRA, which allowed nonspouse beneficiaries (typically,children and A Do‑It‑Yo urself Annuity: grandchildren) to stretchwithdrawals from inherited IRAs,along with the tax bite, overtheir lifetimes. Now, such indi- The Pros and Cons viduals arerequired to withdraw all the money, and paythe associatedtaxes, within a decade of the original account Also: Answering a reader’s Income From an Annuity tend to be saferinvestments than most holder’s death. others—but thereisstill some risk. Given that, QCDs could help your heirs question on naming a charity Estimatesofwhatanimmediate Stategovernments mitigate someof in the long run. Let’ssay youbegin do- as a 401(k) beneficiary fixed annuitywould payout,given currentinterestrates and cost being the risk of annuities by requiring insur- nating funds from your IRAinthe form $200,000: erstomaintain specific levels of capital of QCDs. When youdie,your beneficia- to makeannuitypayments. If youbuild ries will inherit lessofyour IRA, which is I’mapproaching retirement,and the turmoil in the mar- Monthly income by age your own annuity, you won’t have the taxable.But,ideally,these same benefi- kets this year has me thinking, forthe first time,about protection of a regulator looking over ciaries will inherit moreofassets outside 65-yr.-old man buying an annuity.Ilikethe ideaofpredictable income, $963 your shoulder. your IRAthatmighthave been usedfor but Idon’t likethe ideaofhanding my money, perma- 65/woman 918 charitable contributions,likecash, stocks, nently,toaninsurancecompany. Whatdoyou think Discipline: Youmightbeable to bonds or mutual funds.These,for the 65/couple 810 • about apersonbuilding his or her ownannuity?Isthere build an annuity—but will youhave the most part,won’t be taxable and/or will agood waytodothis? 70/couple 911 discipline to keep from fiddling with it? get a“stepup”in cost basis.(Meaning, in 75/couple 1,071 Put another way:Will the next market effect: Your heirscould save abundle in Yes, thereare waystocreateanannuity. And Ithink it’s wise meltdown promptyou to undo your capital-gains taxes.) to consider howanannuitymighthelp youand your nestegg. Source:ImmediateAnnuities.com handiwork? In short,Mr. Slott says,“by doing the But Ithink the do-it-yourself approach canbedifficult for Again, Ithink it’s smart to look at QCDs, youare giving the taxable assets manyinvestors and carries some sizable risks. The point: With each of these strat- annuities;mostretirees want,and need, to charity—at no tax—and leaving the To start,I’ll focus on the product youseem egies, you retain control of your cash. predictable lifetime income. But doing other,better assets to your beneficiaries.” The to be considering: an immediate fixed annuity. But let’s takeastepback.Doyou this yourself could be astretch. If Of course,decisions about bequests predictable In other words, youhand alump sum to an in- have the skills and time to build, say, a you’re concernedabout handing over arehighly personal. Youmighthave income of surer,which, in turn, guarantees youamonthly TIPS ladder or search fortop-notch your lifesavings to an insurer,consider good reasons forwaiting to donate paycheck forlife. Period. (We’ll save,for an- bonds?Iwould argue thatmanypeople buying aseries of smaller annuities moneytoacharityuntil afteryou die. annuities other day, talking about more-complicated don’t.And abalanced fund, however from differentinsurersoveraperiod of (Example:You mightneed your required is useful for products,such as equity-indexedannuities.) simple,highlights some of the limita- years. In this way, you reduce the risk distribution each year to liveon.) And no retirees, but If youwish to build something resembling tions involved with the DIY route. of anysingle insurer failing to makeits single approach to gifting is necessarily an immediate fixed annuity, youcould, forin- Among them: payments. What’smore, if interest betterthan another.Simply be aware doing it stance, assemble a“TIPS ladder,” acollection rates rise, you won’t be locked into an thatthereare other options—options yourself of Treasury inflation-protectedsecurities of • Longevity: Eventhe bestinvest- annuitythat’stiedtotoday’slow rates. with their owntax advantages—when it various maturities.Oryou could construct a ments canhave rough years, which And alwaysremember:The single best comes to helping others. could be a bond portfolio with high-qualitycorporateand could hurt the long-term prospects of a annuityisrightunder your nose—Social municipal bonds.Bothapproaches would pro- homegrownannuity. That’swherea Security. The longer youwait to claim it, stretch. Mr. Ruffenach is a former reporter duceapredictable stream of income. highly ratedinsurancecompanytypi- the betterthe monthly payout,for life. and editor for The Wall Street Evensomething as simple as a“balanced” mutual fund, cally has an edge:Itwill keep pumping Journal. His column looks at financial one with a mix of stocks and bonds and a long history of out cash, year after year, regardless of iii issues for those thinking about, solid returns,could, in theory, serveasanannuity. An exam- market and economic conditions. planning and living their retirement. ple: T. Rowe PriceBalanced Fund (RPBAX)has postedan Iama78-year-old retiree takingre- Send questions and comments to average annual total return of 9.46%sinceits start in 1939. • Risk: Yes, TIPS and corporatebonds quired distributions from a401(k) [email protected].

The StateofYour Municipal Bonds: It MattersWhereYou Live

Why differences in returns can ploring the average posttax re- Location, Location ginia and Connecticut may have turns of muni funds across the a great number of people in the vary greatly among the states Average posttax returns of 17 state-specific muni funds,2010-19 U.S. On one end of the spec- upper brackets, this means more trum, municipal-bond funds in- STATE ANNUALIZED ON A$10,000 INVESTMENT residents flock to munis and vesting in Colorado, Missouri Colorado 4.07% $4,900 push down the yields/returns. BY DEREK HORSTMEYER and Florida muni debt have av- Missouri 3.89 4,649 Another factor may be the eraged a posttax return of relatively low levels of income Florida 3.78 4,493 Many investors look at municipal bonds and 4.07%, 3.89% and 3.78% a year, tax on the upper-income levels in make the same mistake: They think they’re all respectively, over the past 10 NewJersey 3.78 4,488 states like Colorado, Missouri the same—an investment option with tax-ex- years. Maryland, Virginia, Michi- Pennsylvania 3.76 4,464 and Florida—in fact, Florida has empt income features, almost zero risk and gan and Connecticut, mean- California 3.67 4,338 no state income tax at all. Be- the same low yield. while, have averaged returns of NewYork 3.62 4,267 cause of these low rates, per- Investors might be surprised to learn there 3.06%, 3.24%, 3.31% and 3.34%. Minnesota 3.60 4,244 haps individuals in these states can be large differences in munis, both in their This means there is a 1.01 don’t consider munis for their Massachusetts 3.57 4,205 coupon rates and in the returns of the mutual percentage-point spread in an- portfolios and thus drive up Arizona 3.54 funds that invest in them. Currently, average nual returns between the best 4,160 yields since there isn’t demand. returns for muni funds in some states can dif- state in terms of muni-fund re- Georgia 3.42 3,998 Or it may just reflect the relative fer by as much as a full point, which over time turns (Colorado—4.07%) and North Carolina 3.36 3,912 risk of the municipalities in these can add up to a tidy sum. the worst (Maryland—3.06%). Ohio 3.35 3,897 respective states (although mu- Because people tend to only buy munis in Over a 10-year period, this Connecticut 3.34 3,886 nicipal-debt defaults are rare). their home states, taking advantage of the works out to a 35% return for Michigan 3.31 3,854 Whatever the case, if you are tax-free status that states confer on home- the average Maryland fund, a resident of Florida, Colorado or Virginia 3.24 grownissues, they often are unaware that while the average Colorado 3,754 Missouri, you have been far such differences exist. But where the spreads fund yielded 49%. On a $10,000 Maryland 3.06 3,516 more fortunate in the returns are large, it can even be to an investor’s ad- investment, this amounts to a Source:Derek Horstmeyer, George Mason University you have taken in over the past vantage to forgo the homegrown option for a $1,384 difference in balances at 10 years in these securities in fund that buys issues in another state. the end of a 10-year period. Sinceinterestincome from in- tor may be the wealth levels in comparison with residents of Investigating the full sample of dollar-de- Basedonthese returns,in vesting in municipal bonds is certain states: Maryland, Vir- Maryland, Virginia, Michigan and nominated, U.S.-issuedmutual funds thatin- somecases ataxpayerinMary- generally exemptfromfederal ginia and Connecticut are all in Connecticut. vest in munis,Icame up with 17 states in land could be betteroff invest- and statetaxes forresidents of the top 10 in wealth and in- which at least25mutual funds focus on ing in munis from Florida rather the issuing state, looking at come. Because munis are a Dr. Horstmeyer is an associate their local municipal debt. Whatfollows is a than Maryland, even with the posttax-return numbersputs all good tool to gain tax-exempt professor of finance at George GNOLA

look at howthe average returns forthe home-state tax advantage. states on an equal footing. interest, they are rightly popu- Mason University’s Business TO

funds in those states compare. It is important to note that Why do these differences in lar for those in the upper tax School in Fairfax, Va. He can be TIN An interesting picture emerges when ex- these returns areall posttax. returns persist? Well, one fac- brackets. Since Maryland, Vir- reached at [email protected]. MAR P2JW252000-0-R00500-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | R5 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Sector Strategy Which Sectors Will Lead the Market Next?

As investors search track local country indexes, he ad- for the next hot sector, vises adjusting non-U.S. holdings here’s where some to give a greater weighting to tech strategists say to look companies. A little more than half of the underperformance of non- U.S. markets relative to U.S. mar- BY SIMON CONSTABLE kets over the past 10 years is due to foreign markets having less ex- tock-market sectors posure to tech companies, accord- generally don’t move in ing to an informal study con- strict synchronization. ducted by Cresset. Some will lead as oth- As such, investors buying out- ers lag behind, and a side the U.S. might want to seek key question for inves- out tech stocks rather than just Stors is which sector is buy country or regional index poised to move up fastest next. funds. A few to consider, according In the bull market thatstarted to Mr. Ablin: LM Ericsson, Taiwan in late March, the technology sec- Semiconductor Manufacturing Co., torinitially ledthe way,with com- Tencent Holdings Ltd., SAP and panies such as Amazon.com climb- Alibaba Group Holding Ltd. ing faster than the rest of the market. Technology Select Sector SPDR (XLK), an exchange-traded 3. Election influence fund thattracksanindexoftech- This year features a presidential nology stocks, surged73% from race in the U.S., and there is some March 20 through Aug. 31,while useful historical data back to 1992 the S&P500 indexadvanced 52% on which sectors tend to do well overthe same period, according to in the three months before an DowJones Market Data. Because Apple and other tech stocks have ruled, before faltering this month. Shown, Apple’s store on Fifth Avenue. election. tech is such asignificantpart of “Energy and financials beat the the S&Pindex—accounting forone- market most frequently in the fifth to one-fourth of the weight- cheaper sectors that have trailed dex’stotal annualized return of 9.1% might not be cheap, but they are [three] months before the elec- ing—thatmeansmanyofthe other behind in the rebound, such as cy- toppedthatofboththe S&P500 cheaper on a relative basis,” he tion, followed by health care and stocksinthe indexperformedfar clical and value stocks,” a recent and the Russell 2000 small-cap in- says. industrials,” says Sam Stovall, chief worsethan the indexitself. research report from the bank dex, according to data from UBS. For example, the price of stocks investment strategist at New Of course, nothing stays in the said. “As a result, we like U.S. mid- as a multiple of what investors ex- York-based financial analysis firm lead forever, and one sector rarely cap stocks, which look poised to pect them to earn in the next year CFRA Research. sustains a rallying market. Veteran regain lost ground as the eco- 2. Look overseas (the forward price/earnings ratio) Based on the past, there is one investor Ralph Acamporais fa- nomic recovery gains traction and International stocks look like a is higher in the U.S. than in the sector that investors should con- mous for saying “rotation is the broadens out.” good bet for future market leader- other regions. The forward P/E for sider avoiding over this period. In lifeblood of bull markets.” Midcaps are often defined as ship for three reasons, according the MSCI index in the U.S. is 22.7, the three months before voting So which sector is poised to stocks with a market value be- to Jack Ablin, chief investment of- versus 18 for Japan and 17.7 for day, consumer-staples stocks, such

GES lead the market higher next? As tween $2 billion and $10 billion. ficer and founding partner of Chi- Europe, according to a report from as toothpaste manufacturers, have

IMA usual with the stock market, the From the start of the bull market cago-based wealth-management Yardeni Research. lagged behind the S&P 500 in five answer depends on whom you ask. on March 20 through August, form Cresset Capital. The third factor that favors of the past seven presidential elec- GETTY iShares Russell Mid-Cap ETF First, the economic situation is non-U.S. stocks is a weakening tions, according to an analysis by SE/ (IWR), which tracks the Russell currently better outside the U.S. U.S. dollar, says Mr. Ablin. If the Mr. Stovall. The two times the sec- 1. Cheaper midcaps Midcap Index, has returned 54%, than inside, he says. While the dollar is going down, owning tor did better than the S&P 500

ANCE-PRES Swiss bank UBSGroup AG says lagging behind tech stocks but American economy has rebounded stocks that are priced in currencies were in 2000 and 2008, respec- FR shrewd investors should look for performing a little better than the somewhat since the crash in the that are rising in value is a better tively, the years of the dot-com

ENCE sectors with cheaper valuations S&P 500. second quarter, other countries bet for investors. bust and the financial crisis that AG

Y/ such as midcaps to start playing a But if history is any indication, have gone beyond rebound and There is, however, a wrinkle took hold in September 2008. greater leadership role. midcap stocks could start to take into a real recovery, he says. that investors should understand CLAR

A. “As the global recovery gradu- the lead if the economy improves. Second, foreign stocks tend to when buying non-U.S. stocks, ac- Mr. Constable is a writer in

THY ally takes hold, the next leg up in In the twodecades through De- be cheaper than U.S. stocks cur- cording to Mr. Ablin. Rather than Edinburgh, Scotland. He can be the market may be driven by cember 2019,the Russell Midcap In- rently. “International equities investing in funds that simply reached at [email protected]. TIMO

THE FINANCIALSECTOR OF THE S&P 500INONE ETF Sector SPDRs allowyou to invest in piecesofthe S&P 500. Like Financial. While adding diversification and reducing single stockrisk.These ETFs combine thediversification of amutual fund and thetracking of an index with transparencyand liquidity.

FINANCIALSECTOR SPDR ETFTOP10HOLDINGS* XLF CompanyName Symbol Weight BerkshireHathawayB BRK.b15.21% JP Morgan ChaseJPM 10.96% Bank of America BAC7.21% Citigroup C3.82% BlackRock BLK3.29% WellsFargo WFC3.23% S&P Global SPGI 3.17%

*Componentsand weightingsas American Express AXP2.41% of 8/31/20. Pleasesee website for Goldman SachsGS2.28% dailyupdates.Holdingssubject Visitwww.sectorspdrs.com or call 1-866-SECTOR-ETF to change. CMEGroup ACME 2.26%

Aninvestorshouldconsiderinvestmentobjectives,risks,chargesandexpensescarefullybeforeinvesting.To obtainaprospectus,whichcontainsthisandotherinformation,call1-866-SECTOR-ETForvisitwww.sectorspdrs.com.Readthe prospectuscarefullybeforeinvesting. TheS&P500,SPDRs®,andSelectSectorSPDRs® areregisteredtrademarksofStandard&Poor’sFinancialServicesLLC.andhavebeenlicensedforuse.ThestocksincludedineachSelectSectorIndexwereselectedbythecompilationagent.Theircompositionandweightingcanbeexpectedto differtothatinany similar indexes thatare publishedbyS&P.The S&P 500 Indexisanunmanagedindexof500 common stocksthatisgenerallyconsideredrepresentative of the U.S.stock market.The indexisheavilyweightedtoward stockswithlarge marketcapitalizationsand represents approximatelytwo-thirdsofthetotalmarketvalueofalldomesticcommonstocks.Investorscannotinvestdirectlyinanindex.TheS&P500Indexfiguresdonotreflectanyfees,expensesortaxes.Ordinarybrokeragecommissionsapply. ETFsareconsideredtransparentbecausetheirportfolio holdingsare discloseddaily. Liquidityis characterizedby ahigh level of trading activity. SelectSectorSPDRsaresubjecttoriskssimilartothoseofstocks,includingthoseregardingshort-sellingandmarginaccountmaintenance.AllETFsaresubjecttorisk,includingpossiblelossofprincipal.Fundsfocusingonasinglesectorgenerallyexperiencegreatervolatility.Diversification does not eliminate the risk of experiencing investment losses. ALPSPortfolio SolutionsDistributor,Inc., aregisteredbroker-dealer,isdistributor for the SelectSector SPDR Trust. P2JW252000-0-R00600-1------XA

R6 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

St. Louis Red Cross Motor Corps on duty in October 1918 during the Spanish flu crisis.

Economic- and at least a partial rapid bounce policy back.” Before this year, the model uncertainty had only one other real-time test, Prof. Bloom argues during the financial crisis of 2008, that this uncertainty when it also performed well, ac- is the key to draw- cording to Prof. Bloom. Based on ing historical les- these two events, and other re- sons that could help search he has conducted, he de- us understand our clares that the model does a sig- current situation. nificantly accurate job predicting Though there has drops in economic activity. never been another So far, so good. pandemic quite like Covid-19, there have been many other occasions in which Stocks are resilient, economic uncer- like 100 years ago. tainty has suddenly soared—such as af- Other comparisons ter the 1987 stock- aren’t as neat. market crash and the Sept. 11, 2001, terrorist attacks. Unfortunately, Prof. Bloom con- So,heand anum- tinued, the model doesn’t forecast ber of colleagues an- a significant continuation of the alyzed howthe economic recovery that has taken economybehavedon place over the past couple of those pastoccasions, months. An index he and his col- focusing on factors leagues created to measure uncer- such as manufactur- tainty has declined but remains ingemploymentand well above its historical average. industrial production. Until it recedes a lot further—and the virus. These were far more ag- many questions that must be an- From that, theycreated aforecast- that depends on unpredictable fac- Lessons gressive and widespread than those swered before the economy can ing model to predict howthe econ- tors such as when an effective introduced during the Spanish flu erase its losses. Will businesses be omywould react to futuresurges in vaccine becomes available—the From the pandemic: People in 1918 were told allowed to reopen and when? And economic uncertainty. model doesn’t forecast that the to wear masks, but there weren’t might they subsequently be forced Prof. Bloom presented this economy will completely make up Pandemic lockdowns. to close again? How soon will a model at the Federal Reserve’s its losses. The lockdowns have led to an ex- vaccine be widely available, and Economic Policy Symposium, held Of 1918‑20 traordinary increase in the uncer- what if a major portion of the online in late August. tainty that businesses are facing— population refuses to take it? Prof. Bloom and his colleagues Overheated stocks an uncertainty that for the most These are a few of the known found that the model “reasonably Prof.Bloom thereforeconcludes part wasn’t present in 1918—which unknowns. Businesses are also well” predicted how the economy thatthe stock market has gotten ContinuedfrompageR1 in turn is preventing the economy facing the uncertainty that derives has reacted so far. The model fore- toofar ahead of the economy, and eras has been different. from fully recovering. U.S. GDP de- from a large number of “unknown cast an “abrupt, short-lived con- mustremain in atrading range or During the two-plus years of clined at a 5% annualized pace in unknowns,” Prof. Lo says. traction in industrial production fall back until the economyhas the the Spanish flu pandemic, the Dow the first quarter of this year and chancetocatch up.For this reason, Jones Industrial Average was 33% in the second. he says,hehas sold all the equity never more than 5% lower than its In contrast, the recession of 1918 The High Road Versus the LowRoad holdings from his pension and his level on March 4, 1918, the date was “mild and brief,” according to “529” education-plan portfolios. some have given for the start of research conducted by François Cumulativepercent performanceofDow Jones Industrial Average since Prof. Lo agrees with Prof. Bloom the crisis. In November of that Velde, a senior economist at the beginning of pandemic. that policy uncertainty is a key to year, in fact, at the height of the Federal Reserve Bank of Chicago. 60% understanding the future course of pandemic’s second and deadliest Though precise numbers aren’t the economy and the stock mar- wave, the Dow was 11% higher. available, since national-income ac- 50 ket. And he agrees that the dis- The market in this pandemic counting wasn’t even invented until DJIA during connect between the stock market has followed a different script. the 1930s, he further concludes that 40 Spanish flu and the economy needs to be nar- Even though stocks have roared what decline in economic activity pandemic* rowed, one way or the other. How- back from their initial fall, that fall did take place was “likely due to the 30 ever, he is optimistic that the was much deeper than during the end of the war [World War I] economy will grow fast enough in Spanish flu. At its low on March rather than the pandemic itself.” 20 coming months to catch up to the 23, the Dow was 37% below where Andrew Lo, a Massachusetts In- stock market. it had stood at its February peak stitute of Technology finance pro- 10 Nevertheless, Prof. Lo acknowl- (which was an all-time high). Since fessor, agrees with the idea that edges, this “economically bright fu- 0 then it has risen in a nearly we’re in a period of much greater ture on which the stock market is straight line, and through Friday it uncertainty. He argued back in -10 betting is ours to lose. We could is 5% below that high. The S&P March that analogies to the cen- DJIA during still screw it up. For example, a Covid-19 500 is 1% above and the Nasdaq tury-ago pandemic were misleading, -20 contested election could cause composite is 15% above their high- and says in an interview that what pandemic† huge and lasting damage. Leader- est levels in February. the government did this spring was -30 ship is crucial to this bright future. To some economists, the differ- to “put the economy into the equiv- Lack of leadership can be disas- ence between the two markets is alent of a medically induced coma.” -40 trous.”

S significant. One big reason the Pointing out the economic effect 114 8 216202426 Mr. Hulbert is a columnist whose stock market fell so much this of health policies isn’t intended as a TRADING MONTHS SINCE START NGRES time around, according to Nicholas criticism, both Prof. Bloom and Prof. Hulbert Ratings tracks investment CO *Series starts on March 4, 1918,when the firstSpanish flu case wasreported, and ends in April 1920,when the OF Bloom, an economics professor at Lo emphasize. Those policies un- newsletters that pay a flat fee to

Y virus died out.

AR Stanford University, was the poli- doubtedly saved lives. †Series starts on Nov. 18,2019, when the firstperson is thoughttohavecontracted the Covid-19 virus. be audited. He can be reached at cies pursued to slow or contain But they leave businesses facing Source:HulbertRatings.com [email protected]. LIBR

Mutual-Fund Yardsticks: How Fund Categories Stack Up How the Largest Funds Fared Performance numbers are total returns (changes in net asset values with reinvested distributions) as of Includes mutual funds and ETFs for periods ended Aug. 31. All data are final. Aug. 31; assets are as of July 31. All data are final. Performance (%) Performance (%) Investment objective August YTD 1-yr 5-yr* Investment objective August YTD 1-yr 5-yr* Stock Mutual Funds and ETFs

Diversified stock & stock/bond funds World stock funds Total Return (%) Large-Cap Core 6.7 7.7 18.5 12.5 Global 5.3 5.7 16.3 9.4 Assets Annualized Fund Ticker ($ billions) August 1-year 3-year 5-year 10-year Large-Cap Growth 9.1 28.3 40.4 18.6 International (ex-U.S.) 4.7 –1.0 10.4 5.4 Vanguard TSM Idx;Adm VTSAX 917.95 7.2 21.3 13.9 13.8 14.9 Large-Cap Value 4.4 –8.0 2.5 7.6 European Region 4.8 –2.1 10.5 4.6 Vanguard 500 Idx;Adm VFIAX 559.97 7.2 21.9 14.5 14.4 15.1 Midcap Core 3.6 –6.9 1.8 6.0 Emerging Markets 2.7 1.3 14.1 8.2 Vanguard Tot I S;Inv VGTSX 411.21 4.3 8.6 2.5 5.8 5.4 Midcap Growth 4.2 19.1 26.0 14.8 Latin American –3.5 –28.6 –18.8 4.0 SPDR S&P 500 ETF SPY 289.04 7.2 21.9 14.4 14.4 15.1 Midcap Value 4.0 –14.7 –4.6 3.6 Pacific Region 5.1 12.9 25.4 10.5 Fidelity 500 Index Fund FXAIX 241.47 7.2 21.9 14.5 14.5 N.A. Small-Cap Core 4.3 –11.6 –1.4 5.0 Gold Oriented 0.1 44.1 46.5 23.0 Vanguard Instl Indx;InsP VIIIX 235.17 7.2 21.9 14.5 14.5 15.2 Small-Cap Growth 4.8 11.9 19.9 12.3 Global Equity Income 3.3 –6.6 2.2 5.6 American Funds Gro;A AGTHX 217.51 8.8 37.1 18.7 16.9 16.1 Small-Cap Value 5.1 –17.5 –6.2 2.9 International Equity Income 3.5 –9.0 1.2 3.3 iShares:Core S&P 500 IVV 206.13 7.2 21.9 14.5 14.4 15.1 Multicap Core 5.8 5.1 15.6 10.8 Taxable-bond funds American Funds Bal;A ABALX 166.94 2.4 11.9 8.7 9.6 10.6 Multicap Growth 7.3 27.2 36.3 16.6 Short-Term 0.3 2.5 3.1 2.3 American Funds EuPc;R6 RERGX 160.24 5.5 19.1 6.8 8.7 8.0 Multicap Value 4.2 –10.7 –0.6 5.9 Long-Term –1.1 7.2 7.3 5.7 Fidelity Contrafund FCNTX 128.56 9.6 39.8 20.8 18.4 17.2 Equity Income 4.2 –5.6 3.5 8.2 Intermediate Bond –0.5 6.8 6.4 4.2 Vanguard Gro Idx;ETF VUG 126.46 10.1 45.3 23.4 19.7 18.5 S&P 500 Funds 7.2 9.5 21.5 13.9 Intermediate U.S. 0.9 7.3 7.1 3.5 Invesco QQQ Trust 1 QQQ 124.58 11.1 58.7 27.5 24.3 22.4 Specialty Divers. Equity 8.4 16.1 26.4 15.6 Short-Term U.S. –0.5 6.8 6.4 4.2 American Funds Wash;A AWSHX 121.90 4.6 8.0 9.7 11.5 13.0 Balanced 3.1 4.1 10.1 7.3 Long-Term U.S. –1.5 10.3 7.6 4.3 Vanguard Dev Mkt;ETF VEA 115.23 5.0 7.5 2.5 5.4 6.2 Stock/Bond Blend 3.4 3.6 10.2 7.3 General U.S. Taxable –0.2 4.3 4.8 5.1 Vanguard Md-Cp I;Adm VIMAX 112.94 3.2 11.2 9.4 9.9 13.3 Avg. U.S. Stock Fund† 5.5 3.6 13.8 10.4 High-Yield Taxable 1.1 0.3 3.1 5.1 American Funds Inc;A AMECX 108.50 2.5 5.1 5.4 7.4 8.7 Sector stock funds Mortgage 0.2 3.0 3.5 2.7 Vanguard Wellington;Adm VWENX 107.46 3.3 11.6 9.7 10.1 10.5 Science & Technology 7.6 32.0 46.1 23.0 World Bond 0.7 0.6 2.9 4.0 American Funds NPer;A ANWPX 106.56 9.0 31.1 15.2 14.5 13.3 Telecommunication 4.8 14.8 21.5 9.1 Avg. Taxable-Bond Fund** 0.3 3.0 4.0 3.6 American Funds FInv;A ANCFX 102.22 5.7 17.1 10.6 12.7 13.4 Health/Biotechnology 2.3 10.6 27.3 8.7 Municipal-bond funds Utility –1.7 –7.5 –3.5 8.5 Short-Term Muni 0.1 2.8 3.1 1.5 Bond Mutual Funds and ETFs Natural Resources 1.9 –37.4 –30.5 –13.8 Intermediate Muni –0.2 2.4 2.1 2.8 Total Return (%) Sector 2.0 –7.6 –4.6 4.9 General & Insured Muni –0.3 2.4 2.1 3.7 Assets Annualized Fund Ticker ($ Billions) August 1-year 3-year 5-year 10-year Real Estate 0.7 –10.1 –7.9 5.5 High-Yield Muni 0.04 –0.3 -0.02 4.4 Vanguard Tot Bd;Adm VBTLX 287.20 –1.0 6.3 5.1 4.3 3.6 Stock & Bond Benchmark Indexes All total return unless noted Vanguard Tot Bd II;Inv VTBIX 198.44 –1.0 5.9 4.9 4.2 3.5 Vanguard Tot Itl BI;Adm VTABX 154.01 –0.7 0.9 4.7 4.3 N.A. Perfomance (%) Performance (%) Investment objective August YTD 1-yr 5-yr* Investment objective August YTD 1-yr 5-yr* PIMCO:Income;Inst PIMIX 122.82 1.5 4.5 3.8 5.4 7.2 MetWest:Total Rtn;I MWTIX 87.91 –0.5 7.4 5.6 4.5 4.7 Large-cap stocks Stock indexes iShares:Core US Agg Bd AGG 79.99 –0.8 6.4 5.0 4.3 3.6 DJIA 7.9 1.3 10.3 14.2 DJ U.S. TSM Growth 9.3 26.5 40.5 18.3 Vanguard Int-Tm TxEx;Adm VWIUX 77.02 -0.1 3.4 3.8 3.7 3.6 S&P 500 7.2 9.7 21.9 14.5 DJ U.S. TSM Value 4.1 –9.8 0.2 8.4 PIMCO:Tot Rtn;Inst PTTRX 70.56 –0.1 6.9 5.1 4.6 4.1 Midcap stocks Taxable bonds Dodge & Cox Income DODIX 66.29 –0.3 8.0 5.6 5.2 4.5 S&P MidCap 400 3.5 –5.5 4.2 8.1 Barclays Agg. Bond –0.8 6.9 6.5 4.3 Vanguard Sh-Tm Inv;Adm VFSUX 63.98 0.2 4.9 3.6 3.2 2.7 Small-cap stocks Municipal bonds American Funds Bond;A ABNDX 62.16 –0.7 9.1 5.5 4.6 3.8 Russell 2000 5.6 –5.5 6.0 7.7 Barclays Muni. Bond –0.5 3.3 3.2 4.0 PGIM Tot Rtn Bond;Z PDBZX 59.52 –0.7 5.6 5.4 5.2 5.1 Broad stock market International stocks iShares:iBoxx $IG Corp LQD 57.83 -1.9 8.3 7.2 6.8 5.7 DJ U.S. Total Stock Market 7.2 9.3 21.2 13.8 MSCI EAFE†† (price return) 4.9 –6.2 3.7 1.9 Vanguard Sh-Tm B;ETF BSV 56.24 0.01 4.6 3.3 2.6 2.0 Russell 3000 7.2 9.4 21.4 13.9 Dow Jones World (ex. U.S.) 4.6 –2.6 9.0 6.1 Fidelity US Bond Index FXNAX 54.04 –0.9 6.5 5.1 4.3 N.A. *Annualized †Diversified funds only **Excludes money-market funds ††Europe, Australia, Far East Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Source: Refinitiv Lipper P2JW252000-0-R00700-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | R7 JOURNAL REPORT | INVESTING IN FUNDS & ETFS Investors Still Believe They CanBeatthe Stock Market

stocks“should invest the same amountofmoneythe same date each monthinanS&P 500 fund if theybe- lieve in the futureofthe U.S.” Another reader recommended choosing an investmentmethod “where youdon’t put the moneyin at one time,but average in over10 years.” This recommendedinvestment method, known as dollar-costaverag- ing, promises the risk-reduction bene- fits of time. Suppose thatyou inherited $120,000 from abeloveduncle.You intend to invest it in stocks, sayinan S&P500 fund. Youcan choose to in- vest it all in the fund today, in alump sum, or youcan choose to invest it in 12 equal $10,000 increments on the 15th of eachmonth during the coming 12 months. Your risk by dollar-cost-averaging investing during the 12 months is in- deed lower than the risk by lump- sum investing, because the risk of cash is lower than the risk of stock. But once the 12 months are past, the entire $120,000 is in the stock fund. You are 12 months older now. Does older age make it easier for you to bear risk? Dollar-costaveraging is likedipping your toes in the pool one at atime, followedbyfeet, legs and the rest of you. Lump-sum investing is likejump- ing into the pool head first. The real benefit of dollar-cost av- eraging is in reducing regret. Regret is the painful emotion we feel when we find, too late, that another choice would have brought better outcomes. Pride is the pleasurable emotion that I recently wrote about the benefits of It is afolly forengineers, physi- atility of a portfolio of 3,500 stocks. stands at the other end from regret. diversification. Some readers don’t buy it. cians or professorstobelieve that The extra volatility of the 18 or Consider the regret potential of in- theycan acquireintheir free time 1,800 stock portfolio can be elimi- vesting the entire$120,000 in the BY MEIR STATMAN the information and skills investment nated by increasing diversification stock fund today. Howmuch regret professionals acquireand deployin to 3,500 stocks, and therefore this would youfeelifthe stock fund ast month, I offered readers a paean to their dayjobs.AsIoften note,inev- extra volatility is not rewarded. plungedtomorrow?Regretwould be the virtues of diversified investing—the erytrade thereisanidiot. And if you lowerifyou invested only $10,000 to- idea of spreading your money across dif- do notknowwho it is,you areit. day, because youcan contemplate the ferent kinds of investments so as to re- Granted, very good amateur ten- Time itself is diversification. pride youwill feel by investing the duce a portfolio’s risk without reducing nis players mightbeatmiddling A reader wrote that he follows this next $10,000 at alowerstock price. expected returns. tennis professionals from time to rule: “If you can’t own a stock for I presented five myths that skeptics time.Luck helps.The same is true five years you shouldn’t own it for often cite, and debunked those myths in with the investmentgame—even five minutes.” Just pick stocks of Lan effort to strengthen the case for a di- moreso, because luck helps in in- This is the rule of “time diversifi- good companies. versified portfolio. vesting morethan it does in ten- cation,” the belief that the risk of A reader wrote: “Invest in a handful Well, judging from readers’ reactions, it seems I nis.When thathappens,though, stocks declines as the investment of only the greatest companies.” still haven’t convinced everybody. amateur investors tend to become horizon increases. The claim of time This is common advice. But it is So let me offer some of the common skeptical overconfident in their investment diversification is that stocks are not necessarily good advice. comments I received from readers, and my re- skills and it encourages them to risky when held during short peri- Imagine that you are shopping for sponses to those. I’m sure I still won’t convince ev- continue trading. ods of five minutes, or even a year, a car and considering the Toyota erybody. But I can’t help but keep trying. One other pointonthis:Asan- but that risk is lower if held during Camry and Lexus ES 300h. You face other reader noted, “Mostpeople long periods of five years, and the two distinct questions. First, is the in the accumulation phase of their risk of stocks held for very long pe- Lexus a better car than the Toyota? Average is for losers. lives arealso raising young chil- riod drops to almost zero. Second, is the Lexus a better buy A reader wrote: “Diversification will of course miti- dren and trying to build their ca- That belief is tempting but un- than the Toyota? gate the losses from your bad picks, but it will also reersand do nothave the time to founded. The risk of a diversified Even I, a Toyota driver, readily ad- strictly limit the rewards from the good picks.” perform the day-to-daystudy nec- portfolio of stocks does not decline mit that the Lexus is a better car What the reader says is true. Undiversified inves- essary formarket timing. Diversifi- as the investment horizon increases, than the Toyota, and more presti- tors aspire to pick good stocks and avoid bad ones, cation and mutual funds areboring and the risk of a single stock or an gious. But are the better features of earning above-average returns. Diversified investors but work formostpeople.” Indeed. undiversified portfolio of stocks the Lexus worth the substantial dif- surely does not decline as the in- ference in price? Some buyers say vestment horizon increases. yes, others say no, but they all under- Consider the following example. stand that they must contemplate Holding a stock for long periods doesn’t eliminate its risk. Imagine a portfolio of stocks that the two distinct questions. has a 50-50 chance to gain 20% Somehow, manyinvestors regularly each period or lose 10%. fail to ask themselves the second forgo such aspirations. They hold all stocks, good Reward requires risk. You begin with $1,000. question. Aregreat companies better and bad, earning average returns. Areader wrote: “The whole discus- By the end of the first period, than companies thatare notasgreat? Several readers insist they can be above-average sion about mitigating your risk that $1,000 either grows to $1,200 Sure. But areinvestments in stocksof investors. My question to them: Are you really an seems to misunderstand the basic or diminishes to $900. If you are greatcompanies betterthan invest- above-average investor? realityofbuying stocks. Thereisno fortunate to have $1,200 by the end ments in stocksofcompanies thatare The facts suggest they aren’t. They just think getting around the fact that risk and of the first period you will have ei- notasgreat?Perhaps,but notneces- they are. A study of the members of the American reward areconnected.Ifyou want to ther $1,440 or $1,080 by the end of sarily.Wemustconsider the prices of Association of Individual Investors found that they makereal moneyinthe market you the second period. If you are unfor- the stocksrelativetotheir value be- overestimated their own investment returns by an have to be able to pick stocks.” tunate to have $900 at the end of fore we answerthis question. average of 3.4 percentage points a year relative to It is true thathigh risk can be re- the first period you will have either Evidence indicates that, if any- their actual returns, and they overestimated their warded with high expected returns. $1,080 or $810 by the end of the thing, stocks of great companies have own returns relative to those of an appropriate But notall risk is rewarded. second period. been worse investments, on average, benchmark by 5.1 percentage points. Risk is of twokinds,diversifiable The probability of a loss de- than stocks of not-so-great compa- and undiversifiable.Diversifiable risk creases from 50% if held for one pe- nies. A study of Fortune magazine’s is the extra risk thatanundiversified riod to 25% if held for two periods. annual list “America’s Most Admired OK, but I know what I’m doing. portfolio mightlose value even if the This decline in probability underlies Companies” found that stocks of ad- A reader advocated beating the market with undi- stock market gains.Undiversifiable the time diversification argument. mired companies had lower returns, versified portfolios by acquiring investment skills to risk is the risk thatevenadiversified But the amount of loss increases on average, than stocks of spurned avoid losses from bad investment picks. “It’s vital to portfolio,such as atotal indexfund, from $100 if held for one period to companies, and that increases in ad- know investing’s and finance’s language, how to will lose some or much of its value $190 if held for two periods. miration were followed, on average, read a financial statement, have run a decent-sized when the stock market loses. Holding a single stock for long by lower returns. DOBI

 biz, understand how to value a biz, are disciplined Investors who hold undiversified periods doesn’t eliminate its risk. Its The dispersion of returns among B

Amateurs and patient and understand the qualities that sepa- portfolios bear both diversifiable value might decline to zero along stocks is high, however, especially in RO think rate great businesses from good,” the reader wrote. and undiversifiable risk, but only the the way and never recover. Holding the portfolio of spurned company BY ION

stocks are Many amateur investors frame stock picking and undiversifiable portion of the risk is a diversified portfolio for long peri- stocks. That high dispersion implies AT

as easy as trading as the equivalent of playing tennis against a rewarded. Therefore, they bear more ods does not eliminate its risk ei- that investors who would like to ben- TR US

playing training wall. But picking stocks and trading is prop- risk than is rewarded. ther. A diversified portfolio can sus- efit from the return advantage of ILL tennis— erly framed as tennis against a professional on the Yes, a combination of undiversifi- tain a long series of losses and spurned company stocks must diver- GES;

yes, but it other side of the tennis net, perhaps Roger Federer. cation and good luck can deliver sometimes never recover, as hap- sify widely among them. IMA can be like Amateur investors are similarly playing the stock- fantastic returns. But a combination pened in stocks in Germany and

playing buying game against professionals, perhaps one of undiversification and bad luck Japan in World War II. Dr. Statman is the Glenn Klimek GETTY Roger with inside information or better ability to combine can decimate a portfolio and retire- professor of finance at Santa Clara Federer. public information into superior assessments. ment prospects. University’s business school and JUINEN/

Do you really think that you gain an advantage One way to understand this is to Dollar-cost averaging is an- author of “Behavioral Finance: The PER over professional investors by knowing investing note that the volatility of the re- other form of diversification. Second Generation” (available free at JAS and finance language or the ability to read financial turns of a portfolio of 18 or even Areader recommendedthatinves- cfainstitute.org). He can be reached BY TO statements? 1,800 stocks is greater than the vol- tors lacking skills at picking winning at [email protected]. PHO P2JW252000-0-R00800-1------XA

R8 | Tuesday, September 8, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Exchange-TradedFunds ‘Active’ Stock ETFs Draw Billions in New Assets

It’s tooearly to tell whether ers can deviate from an asset allo- a sufficient time horizon for inves- had its genesis in the SEC’s decision theseare good investments. cation strictly based on the weight- tors to draw conclusions regarding to allow some stock ETFs to operate But investorshavemorechoices. ing of their benchmark index, in an their odds of partnering with suc- without disclosing their holdings ev- effort to improve their returns. cessful active managers.” ery day—a requirement that still ap- Many active ETFs now use the But the number of choices cer- plies to passive ETFs. Managers of BY LEONARD SLOANE same investment strategies as their tainly is growing. The issuers of ac- active equity ETFs now can disclose corresponding mutual funds. tive ETFs this year include big-name their holdings quarterly, as mutual t has been a long time coming, but investors “This is a good time for asset mutual-fund companies such as funds do. That allows them to pursue now have access to a growing number of ac- management,” says Tom Lydon, American Century Investments, their investment strategies without tively managed equity ETFs. chief executive of ETF Trends, an Ir- Legg Mason (recently absorbed into fear that public knowledge of their Exchange-traded funds typically are passive— vine, Calif., company that studies Franklin Templeton) and Fidelity every move would cause market re- they track a major market index like the S&P trends in ETFs. “When times are Investments. T. Rowe Price actions that would thwart their ob- 500. According to ETF.com, more than 97% of challenging, you want to make sure launched four active ETFs last jectives. Ithe assets in U.S.-listed funds are invested in you’re in areas that are doing well.” month. While active ETFs don’t have to passive ETFs. Until recently, most of the active Analysts say it is too soon to tell In all, there are 15 of this new reveal their holdings every day, they funds were on the fixed-income side. whether active management is breed of active equity funds, also provide information daily on their But because of a change last year in the way the proving to be an advantage for in- called semitransparent ETFs. own per-share value, based on their Securities and Exchange Commission permits ETFs vestors in equity ETFs. Ben John- The surge in active equity ETFs, portfolios—using models approved by to be marketed, many active equity funds have son, director of global ETF research which already have more than $100 the SEC that allow them to do so been created. With these funds, investment manag- at Morningstar Inc., says there “isn’t billion in assets under management, without revealing what stocks they hold. That allows investors to com- pare the reported per-share value of a fund to its market price. Nevertheless, compared with pas- sive ETFs, there may be a greater dif- ference between the price per share of active ETFs and the underlying net asset value per share of the fund. That’s because they pose additional risks, which can increase during peri- ods of market volatility, and inves- tors’ assessment of those risks will affect the market price. The actively managed funds have the same advantages as other ETFs, when compared with mutual funds: lower fees, generally (though typi- cally not as low as those of passive ETFs), the liquidity of continuous in- traday trading, and tax efficiency. Some market analysts expect de- mand for active equity ETFs to con- tinue growing. “I think we’re going to see more of them,” says Todd Rosen- bluth, head of ETF and mutual-fund research at CFRA, a research firm in New York. “For investors, it’s a posi- tive, because some prefer active management that gives them more choices from well-established active T managers.” UNKER

PL Mr.Sloane is awriter in NewYork.He VID [email protected]. DA

Category Kings in 10 Realms Leaders and Laggards Top-performing funds in each category, ranked by year-to-date total returns (changes in net asset values Performance numbers are total returns (changes in net asset values with reinvested distributions) as of with reinvested distributions) as of Aug. 31; assets are as of July 31. All data are final. Aug. 31; assets are as of July 31. All data are final. Large-Cap Core Small-Cap Core Best-Performing Stock Funds Total Return (%) Assets Total return (%) Assets Total return (%) Assets Annualized Augus Augus ($ millions) YTD 1-yr 5-yr* ($ millions) YTD 1-yr 5-yr* Fund Ticker ($ millions) August YTD 1-year 3-year 5-year t t MS FANG+ Index 3x Lev FNGU 430.8 74.4 292.3 575.8 N.A. N.A. HCM Defender 100 Idx ETF 112.5 14.8 31.4 N.A. N.A. Needham:Sm Cap Gro;Rtl 184.8 0.6 25.6 52.7 22.1 MS FANG+ Index 2X Lev FNGO 108.0 45.8 187.2 317.9 N.A. N.A. AdvsrShs DW FSM US Core 50.8 10.1 29.0 N.A. N.A. Jacob Micro Cap Gro;Inst 16.0 14.6 24.8 40.1 15.5 GMO:Spec Opptys Fd;VI GSOFX 293.9 18.8 151.0 160.6 47.0 32.2 Fidelity Magellan Fund 20,304.1 7.4 23.5 31.5 16.2 WesMark:Sm Company Gro 101.4 5.1 11.7 24.3 7.5 VelShs 3x Long Silver 457.2 40.5 123.7 91.7 15.2 10.5 Centre Am Sel Eq;Inv 133.8 7.0 23.1 31.6 13.2 Paradigm:Micro-Cap 66.2 1.7 7.2 26.0 11.7 Direxion:DJ Int Bull 3X WEBL 32.4 24.6 106.8 N.A. N.A. N.A. Invesco S&P500 Top50 1,504.8 9.8 19.9 34.4 17.5 Perkins Discovery 8.7 8.6 6.0 7.1 10.8 iPath ETN SP500 Dy VIX A XVZ 7.9 2.7 105.9 120.8 20.4 5.8 HVIA Equity;Inst 25.4 9.1 19.9 31.6 N.A. BNY Mellon:SC Mlt-St;M 449.9 6.3 6.0 16.4 10.1 ProShs II:Ult Silver AGQ 566.7 31.3 102.3 86.4 21.0 16.2 Category Average: 1,446.8 6.7 7.7 18.5 12.5 Category Average: 454.2 4.3 –11.6 –1.4 5.0 ARK Next Gen Int ETF ARKW 1,920.0 12.9 94.9 124.9 53.0 46.9 Fund Count 676 674 651 634 509 Fund Count 928 927 914 905 707 Morg Stan I:Disc;A MACGX 2,476.2 6.0 91.0 84.3 46.5 28.6 Am Beacon:ARK TI;Y ADNYX 435.0 16.5 91.0 116.4 40.0 N.A. Large-Cap Value Small-Cap Value ARK Innovation ARKK 6,132.3 18.4 90.0 115.5 45.0 39.6 Assets Total return (%) Assets Total return (%) iPath ETN SP500 VIX MT B VXZ 30.2 1.4 89.3 70.1 N.A. N.A. Augus Augus ($ millions) YTD 1-yr 5-yr* ($ millions) YTD 1-yr 5-yr* ProShs II:VIX MT Fut ETF VIXM 68.9 1.3 89.0 69.8 15.4 –9.0 t t Barclays iPath Shiller 196.5 6.3 6.7 17.1 16.0 North Star Micro Cap;I 75.7 9.0 16.1 26.5 8.4 Best-Performing Bond Funds Total Return (%) DoubleLine:Sh En CAPE;I 7,084.5 8.4 4.3 14.2 15.8 Aegis Value;I 105.6 7.1 5.5 18.4 11.7 Assets Annualized Amer Cent:Inc&Gro;Inv 2,131.1 5.6 3.8 14.3 11.0 Brandes Inv:SC Val;I 0.7 3.8 –0.5 10.2 N.A. Fund Ticker ($ millions) August YTD 1-year 3-year 5-year Invesco S&P 100 Eq Wght 61.2 6.4 1.9 13.4 12.6 Bridgeway:Ultra-Sm Co 60.1 3.1 –1.2 8.3 0.7 Direxion:20+Y Trs Bl 3X TMF 361.6 –14.9 51.6 17.0 21.6 16.4 Vanguard Windsor II;Adm 42,652.0 5.7 0.2 13.0 9.8 Royce Fd:Spec Eq;Inv 811.0 4.3 –5.5 5.0 5.2 ProShares:Ult 20+ Yr Tr UBT 76.3 –9.1 39.4 19.3 17.6 13.3 Matrix Adv Value Fund 49.0 6.1 –0.4 12.9 8.7 FPA Capital 204.3 1.2 –6.1 1.5 –0.1 Lord Abbett Convert;F LBFFX 1,038.8 9.6 38.7 46.0 20.3 16.2 Category Average: 1,120.4 4.4 –8.0 2.5 7.6 Category Average: 328.0 5.1 –17.5 –6.2 2.9 iShares:Convertible Bond ICVT 829.5 10.38 35.1 44.4 19.4 15.9 Direxion:7-10Y Trs Bl 3X TYD 24.4 –3.1 32.3 20.3 13.9 10.5 Fund Count 408 408 400 397 345 Fund Count 226 227 223 216 185 AllianzGI:Conv;Inst ANNPX 1,740.5 7.5 29.8 37.9 20.7 15.1 SPDR Bbg Barclays Cnv Sc CWB 5,023.4 9.5 29.6 39.0 16.5 14.8 Large-Cap Growth Small-Cap Growth HCM Income Plus;A HCMEX 221.5 8.2 29.3 39.0 13.9 N.A. Assets Total return (%) Assets Total return (%) Calamos:Convertible;I CICVX 1,050.7 6.1 29.2 36.6 17.1 13.0 Augus Augus ($ millions) YTD 1-yr 5-yr* ($ millions) YTD 1-yr 5-yr* PIMCO ETF:25+ Yr US Tres ZROZ 435.9 –7.5 28.7 15.2 15.0 11.6 t t Direxion:M25+TB1.35X;Inv DXLTX 6.8 –7.5 27.8 14.1 11.7 N.A. Transam:Large Gro;I3 995.3 9.3 53.8 69.7 N.A. Morg Stan I:Inc;I 303.3 11.0 76.6 79.9 22.6 PIMCO:Extend Dur;Inst PEDIX 2,063.0 –7.0 27.8 14.7 13.8 11.0 PGIM Jenn Focused Gr;Z 918.7 12.5 49.1 62.7 23.5 Delaware Sm Cap Gro;Inst 106.7 8.4 57.5 61.1 N.A. Franklin Inv:Cv Sc;Adv FCSZX 4,400.7 3.9 27.6 33.3 19.6 16.3 Touchstone Inst:Snd Gr 2,217.5 9.3 47.7 58.0 21.9 Renaissance IPO ETF 88.6 8.8 55.2 58.1 17.7 Touchstone:Sel Gro;Y 2,135.2 9.3 47.4 57.7 21.6 Osterweis Emerg Oppt 137.5 3.6 41.5 40.2 N.A. Worst-Performing Stock Funds J Hancock II:Cap Ap;NAV 1,995.5 13.5 46.8 63.0 22.5 Alger Inst:Sm Cap Gr;I 239.7 3.1 38.8 37.4 19.1 Total Return (%) Assets Annualized JPMorgan:LgCp Gro;R6 26,004.6 10.8 46.7 55.3 23.6 BNYM Small Cap Growth;I 13.2 8.0 38.5 47.1 19.2 Fund Ticker ($ millions) August YTD 1-year 3-year 5-year Category Average: 2,328.7 9.1 28.3 40.4 18.6 Category Average: 561.9 4.8 11.9 19.9 12.3 Direxion:S&P OG EP Bl 2X GUSH 456.8 –0.9 –97.8 –97.5 –83.2 –74.9 Fund Count 689 683 666 646 546 Fund Count 662 660 655 645 520 Direxion:Jr Mnr Bear 2X JDST 88.7 –6.7 –95.8 –96.9 –79.3 –85.9 MS US BO Idx 3X Lvrgd NRGU 141.7 –12.8 –94.3 –92.0 N.A. N.A. Midcap Core Multicap Core Direxion:MSCI Bra Bull2X BRZU 202.3 –16.9 –94.2 –91.2 –61.7 –37.0 ProShs II:Ult Blm CrO UCO 1,431.8 9.5 –93.5 –92.2 –55.9 –52.7 Assets Total return (%) Assets Total return (%) MS FANG+ Idx -3X Inv Lev FNGD 32.5 –46.4 –92.5 –96.1 N.A. N.A. Augus Augus ($ millions) YTD 1-yr 5-yr* ($ millions) YTD 1-yr 5-yr* t t Direxion:EnergyBull 2X ERX 351.8 –2.7 –92.5 –90.6 –60.7 –47.0 Frank Value;Inv 13.1 –0.2 11.8 12.3 2.3 Jackson Sel 20 Gro;IS 6.8 5.8 25.8 32.1 12.7 VelShs 3x Invrs Silver 8.1 –51.9 –89.6 –89.8 –57.8 –52.5 Carillon:Sct Mid Cap;I 2,662.5 4.6 6.7 13.3 11.5 Schwab Cap:Lg-Cap Gro 209.8 9.7 24.8 37.8 16.1 Direxion:Latin Bull 3X LBJ 26.0 –17.4 –89.1 –85.2 –58.0 –33.4 Invesco S&P MidCap Qlty 52.2 3.4 6.6 17.3 10.3 Domini:Impct Equity;Inv 845.1 8.1 20.7 33.9 12.9 Direxion:Reg Bnk Bull 3X DPST 109.5 6.0 –89.0 –83.1 –51.4 –28.8 Intrepid:Dsc Val;Inv 21.0 2.8 4.8 7.7 3.3 Needham:Growth;Retail 121.9 1.4 17.7 34.3 12.6 Direxion:Gold M Id Br 2X DUST 128.7 –3.0 –87.9 –89.2 –68.0 –77.8 JPMorgan:MdCp Eq;R6 1,720.9 3.9 4.8 14.5 10.6 Permanent Port:Aggr Gr;I 25.7 7.0 17.4 30.8 11.6 iPath ETN S&P GSCI CTR A 25.7 19.4 –85.8 –83.6 –40.8 –36.1 Clarkston Founders;Inst 65.8 6.4 4.6 14.3 N.A. TANAKA:Growth Fund;R 10.5 4.5 16.8 24.8 2.1 Direxion:Semicnd Bear 3X SOXS 121.0 –17.7 –83.7 –92.0 –75.8 –74.0 Category Average: 1,163.6 3.6 –6.9 1.8 6.1 Category Average: 2,281.9 5.8 5.1 15.6 10.8 Worst-Performing Bond Funds Total Return (%) Fund Count 355 356 347 341 252 Fund Count 700 701 685 675 515 Assets Annualized Fund Ticker ($ millions) August YTD 1-year 3-year 5-year Midcap Value Multicap Growth Barclays Inv US TC ETN TAPR 2.7 16.6 -62.5 -50.8 -36.9 -31.1 ProShares:UPSh 20+ Trs TTT 15.0 13.9 -55.8 -46.5 -33.1 -28.4 Assets Total return (%) Assets Total return (%) Augus Augus Direxion:20+Y Trs Br 3X TMV 80.0 15.8 -55.7 -45.7 -33.2 -29.0 ($ millions) YTD 1-yr 5-yr* ($ millions) YTD 1-yr 5-yr* t t iPath ETN Trs 5Yr Bear DFVS 1.7 3.1 -52.3 -44.9 -21.7 -16.0 Hennessy:Crnst MdCp;Inv 287.8 7.1 2.1 11.8 1.2 Bail Giff US EG;I 43.6 14.4 88.4 98.7 N.A. ProShares:UlS 20+ Yr Trs TBT 369.8 9.2 -39.7 -31.1 -21.6 -18.4 WM Blair:Sm-Md Cp Cr;I 164.0 5.1 –2.1 N.A. N.A. Zevenbergen Genea;Inv 69.4 11.6 87.1 98.0 33.1 Braddock Mlt-Str Inc;Ins BDKNX 924.6 1.9 -32.0 -31.0 -8.6 N.A. T Rowe Price MC Vl 11,378.0 4.2 –3.5 7.5 7.4 Morg Stan Insight;A 5,149.3 8.3 85.4 85.8 32.3 Direxion:7-10Y Trs Br 3X TYO 6.5 2.7 -28.7 -22.6 -15.6 -14.1 J Hancock II:Mid Val;NAV 1,302.3 4.2 –3.6 7.4 7.1 Zevenbergen Growth;Inst 71.6 8.3 83.4 94.9 28.7 ProFunds:Rs Rt Opp;Inv RRPIX 6.2 8.5 -28.6 -21.4 -15.3 -12.6 GoodHaven Fund 80.9 6.6 –4.4 5.1 3.6 Morg Stan I:Growth;I 12,986.1 8.5 82.5 82.8 29.0 Direxion:M25TBr1.35X;Inv DXSTX 0.1 7.2 -26.0 -17.3 -14.9 N.A. Gabelli Eq:Foc Five;AAA 32.1 4.0 –7.3 2.7 -0.02 Transam:Cap Growth;I 3,776.4 8.3 81.0 80.9 28.3 UBS AG Enh Eur Gl HY ETN FIHD 35.6 6.4 -24.2 -8.0 0.9 N.A. Category Average: 487.2 4.0 –14.7 –4.6 3.6 Category Average: 672.1 7.3 27.2 36.3 16.6 Rydex:Inv Gv LB Str;Inv RYJUX 26.1 7.0 -22.8 -16.1 -11.4 -9.3 ProShares:Sht 20+ Treas TBF 147.8 4.5 -20.9 -15.0 -10.2 -8.7 Fund Count 162 162 158 154 126 Fund Count 520 519 511 510 403 Direxion:20+Y Trs Br 1X TYBS 1.3 5.2 -20.2 -13.8 -9.7 -8.5

N.A.: Not applicable; fund is too new * Annualized Note: For funds with multiple share classes, only the largest is shown. Source: Refinitiv Lipper Note: For funds with multiple share classes, only the largest is shown. N.A.: Not applicable; fund is too new or data not available Source: Refinitiv Lipper P2JW252000-0-R00900-1------XA

THE WALL STREET JOURNAL. Tuesday, September 8, 2020 | R9 JOURNAL REPORT | INVESTING IN FUNDS & ETFS

Ohio State junior , Logan Armstrong inside a painted circle on the Oval during the first day of fall classes on Aug. 25.

Saving forCollege income for the person whose employ- ment status changed, Ms. Coval says. Financial Aid, Pandemic Update 2 Don’t assume you won’t qualify What parents and students need to know about Fafsa and CSS forms starting Oct. 1 Some families don’t fill out the financial- aid forms because they think they make too much money to qualify. But it is al- ways a good idea to fill out the forms BY CHERYL WINOKUR MUNK portal, for example. anyway, and it is especially true if you 1 “The important thing is to follow what had a job loss or a significant reduction or many families, this year’s Determine each school’s their process is. If you submit more than in income, since you could now be eligible process of applying for finan- professional judgment process what they ask for, they probably aren’t for aid that you weren’t eligible for be- cial aid might be notably dif- going to look at it. If you don’t submit The Free Application for Federal Student fore, Ms. Coval says. For instance, even if ferent than it was in the past. what they ask for, they may not consider Aid (Fafsa) for federal aid and the Col- you still make too much money to qualify That is because the finan- your appeal. You have to follow their pro- lege Board’s CSS Profile, which hundreds for a federal Pell Grant, you may now be cial-aid forms for the 2021-22 of colleges use as part of their financial- eligible for institutional funds, so it is Facademic year are based on aid process, become available on Oct. 1. worth applying, she says. income from 2019. As a result of the It is the CSS Profile, not the Fafsa, On the CSS Profile, pandemic lockdowns wreaking havoc on where families have a chance to elabo- families have a chance their finances, more families are likely rate on their changed financials in a “spe- 3 to seek professional judgment from fi- cial circumstances” section. Families this to elaborate on their Follow up nancial-aid administrators who have the year also will be asked if they have a changed financials. with the aid office authority to adjust their awards. change of income or other financial This is something students were al- changes related to Covid-19, a College Once you’ve sent in the required docu- waysable to do,beforeCovid-19,ifthey mentation, it is a good idea to follow up Board spokeswoman says. cess to a T and get everything in on had achange in circumstances that with the aid office to check on the status It will be especially important this year time,” says Ross Riskin, certified college could change their aid, such as ajob loss of your appeal. Understand there could to know and follow each school’s proce- financial consultant and associate profes- or major medical issue.“But certainly be delays, especially since schools are dures for seeking professional judgment. sor of taxation at the American College nowinstitutions areprepared fora dealing with resource constraints and a Be sure to visit the website of your cur- of Financial Services. greaterinflux of these requests due to potentially greater number of appeals, Dr. rent school (or any prospective schools Families should be prepared to share the impact of the virus,” says Megan Co- Riskin says. you’re considering) to see what process what happened to cause the change in val, vicepresidentofpolicy and federal Families should also plan for potential you’ll need to follow if your income is sig- income. The financial-aid office could re- relations at the National Association of delays in receiving aid packages, he says. nificantly different from your 2019 tax re- quest a variety of documents, such as a StudentFinancial Aid Administrators. turn. There is no uniform process for statement on letterhead indicating the Here’s what families experiencing Ms. Winokur Munk is a writer in these types of appeals. Some schools will last date of employment, copies of pay- changed finances should do and expect West Orange, N.J. She can be reached want an email, while some want informa- checks, and documentation of the gross from this year’s financial-aid process. tion sent through the financial-aid office’s at [email protected].

Federal Student-Loan Borrowers Get Relief—but That Isn’t the Whole Story

Limited options tive of Summer, which helps FFEL program may be eligi- mercy of the lender,” says tion unless the borrower lector.Ifthis happens,the forprivateloans student-loan borrowers ble for income-driven repay- Joshua Cohen, a student- has good credit and a borrowermightbeoffered a track their loans and iden- ment. Perkins loan borrow- loan attorney who practices steady income. Another paymentplan, but it’s better tify repayment options. ers should speak to their in Connecticut and Vermont. choice could be for borrow- to settle the debtoutrightif BY CHERYL WINOKUR MUNK It could make sense for schools about potential re- ers to take the money from possible,Mr. Cohen says.Pay- these borrowers to apply payment options, including savings or investments to mentplans aretroublesome Many federal student-loan now for income-driven re- those that could allow for Limited options make loan payments, so as because mostdebtcollectors borrowers will get a re- payment and ask their loan income-driven repayment. Private-loan borrowers who not to damage their credit, areonly assignedthe debtfor prieve from loan payments servicer to enroll them in There have been regula- have run out of forbearance or borrow from family. six to 12 months.Oncethe through Dec. 31, thanks to January when the reprieve tory efforts to extend stu- options could try to ask for After90daysofnonpay- debtcollector changes,any the executive order from from loan payments runs dent-loan relief to private a reduced-payment option, ment, manylenderswill of- paymentplan is voided, and President Trump last month out, says Mr. Sealy. Depend- borrowers, but nothing has which some lenders may feranoption of interest-only the time frame foralender that extended relief that ing on a borrower’s income materialized. About 70% of agree to. Borrowers could payments, Mr.Cohen says. to sue will restart.Mean- had been set to expire Sept. and family size, there may private-loan borrowers who also try to refinance and If apaymentisfour to while, the borrowermay have 30. But payments were only be no monthly payment at requested relief directly get better terms, though six months late,the loan is made adentinpayments but deferred, not forgiven, so as all. Borrowers then have to from their lenders received that’s unlikely to be an op- generally sent to adebtcol- also paid collection fees. things now stand many fed- recertify their income and it, according to a poll in May eral-loan borrowers will be family size annually, even if of more than 1,000 borrow- on the hook for eventual re- there has been no change. ers by LendingTree’s Stu- Tracking Exchange-Traded Portfolios payment. And private-loan Income-driven repayment dent Loan Hero division. But Performance figures are total returns for periods ended Aug. 31; for largest exchange-traded funds and borrowers may find even is also required before any many of those who were other portfolios, ranked by asset size. less relief is available. borrower working in the granted relief face even Assets Volume Expense Launch Performance (%) First, consider the fed- public sector can seek loan greater uncertainty than Fund Symbol ($ billions) (000s) ratio date August YTD 1-year eral-loan borrowers. For cancellation through the federal-loan borrowers. SPDR S&P 500 ETF SPY 307.22 65,245.0 0.09 01/22/93 7.2 9.8 21.9 many who have lost their Public Service Loan Forgive- Starting in March, many iShares Core S&P 500 ETF IVV 220.43 5,749.9 0.04 05/15/00 7.2 9.7 21.9 jobs or had their income re- ness program, he says. private lenders offered re- Vanguard Tot Stk Mkt Idx ETF VTI 166.26 3,186.0 0.03 05/24/01 7.2 9.4 21.3 duced sharply by the pan- lief. Often these offers were Vanguard 500 Index ETF VOO 165.76 5,058.6 0.03 09/07/10 7.2 9.7 21.9 demic’s impact on the econ- for two to six months of Invesco QQQ QQQ 140.25 35,691.6 0.20 03/10/99 11.1 39.4 58.7 omy, the latest payment Private-loan troubles forbearance, meaning many iShares Core US Aggregate Bond ETF AGG 78.99 9,924.6 0.05 09/22/03 –0.8 6.8 6.4 deferral will only delay the Meanwhile, millions of bor- borrowers who took these SPDR Gold Shares GLD 78.73 9,903.9 0.40 11/18/04 –0.4 28.2 27.6 day when a bill comes due rowers who have private options in the spring have Vanguard Developed Markets Idx ETF VEA 76.09 18,615.2 0.05 07/20/07 5.0 –3.7 7.5 that they can’t pay. loans or commercially held run out of time, or soon will. iShares Core MSCI EAFE IEFA 72.03 7,495.7 0.08 10/18/12 5.5 –4.4 6.8 S Borrowers in this situa- Federal Family Education Some lenders are offering Vanguard Growth ETF VUG 63.93 764.3 0.04 01/26/04 10.1 31.9 45.3 PRES tion would do well to pre- Loans and school-held Per- additional forbearance peri- iShares Russell 1000 Growth ETF IWF 62.09 1,689.0 0.19 05/22/00 10.3 30.3 44.0 TED Vanguard Emg Mkts Stk Idx ETF VWO 61.92 10,682.2 0.10 03/04/05 2.3 0.3 13.2 CIA pare now in case no further kins Loans weren’t granted ods, but there’s no guaran- SO relief is forthcoming after automatic relief by the tee it will be granted or for Vanguard Total Bond Market ETF BND 60.52 16,000.1 0.04 04/03/07 –1.0 6.9 6.3 AS President Trump’s executive Cares Act, set to expire how long the option will be iShares iBoxx $ Inv Grade Cor B ETF LQD 56.38 11,846.0 0.14 07/22/02 –1.9 7.8 8.3 iShares Core MSCI Emerging Markets IEMG 54.62 13,934.7 0.14 10/18/12 2.4 0.3 14.0 BICKEL/

order expires at the end of Sept. 30, and aren’t covered extended. “Private student- A.

*Expense charge is a maximum of 8 cents a share †Assets are estimated N.A.= Not applicable, fund is too new. A this year, says Will Sealy, by last month’s executive loan borrowers have no pro- Note: Total returns are based on the change in the net asset values, not changes in market prices. Net asset values can vary from market prices, which co-founder and chief execu- order. Borrowers in the tections. They are at the therefore can reflect a premium or discount to the net asset values. Source: Refinitiv Lipper SHU JO P2JW252000-2-R01000-17FFFF5178F

R10 | Tuesday, September 8, 2020 ** THE WALL STREET JOURNAL. JOURNAL REPORT | INVESTING IN FUNDS & ETFS

What closed-ends are verage or borrowing appeals to While ordinary open-end funds ex- wealthier investors “approaching or in pand or shrink based on investors’ retirement.” For example, Nuveen purchases and sales, closed-ends AMT-Free Quality Municipal Income maintain a more-stable asset level Fund (NEA) has common stock val- because they issue shares as public ued at $4.4 billion, and borrows to companies. Their shares may trade boost total assets by $2.5 billion. It at a premium, or more often a dis- had fees and expenses of 0.93% in its count, to the value of their holdings. latest full year, versus 0.53% for a Closed-ends were in vogue in the similar Nuveen open-end fund. Its 1980s, offering access to star man- distributions were 4.4%, compared agers like John Templeton, Martin with 3.6% for the open-end fund. But Zweig and Mario Gabelli. In the ’90s a drop in bond prices would hit the a run of “country funds” featured closed-end fund harder. stocks from Taiwan or South Korea that weren’t then widely available. Sincethen, bond funds have dom- Discounts and activists inatedinclosed-ends.Falling interest The funds started struggling around rateshave been atailwind forper- 2014, as performance weakened and formance. Annual returns of closed- the shares began trading at wider end bond funds toppedactive open discounts of 10% or more to net-as- bond funds in the decade ended set value. A plunge in energy funds June 30.(Closed-end stock funds hit closed-end stock funds’ perfor- trailedactive open-end stock funds.) mance. That caused sales to slump Reasons forthe higher expenses in- and drew vulture-like “activist” inves- clude borrowing costs, management tors—sharpening the need for action fees basedonthe extra debt-fi- by fund sponsors.

T nanced assets, and costsofacquir- In response, the fund managers ing illiquid or hard-to-find assets. have tried to boost the funds’ appeal UNKER

PL A 2018 study by Diana Shao and and narrow the discounts by paying

VID the brokerage commissions them- DA selves, and by putting time limits on the funds’ lifespan. and BlackRock Inc., the top two Closed-end funds Thanks in part to pressure from Closed‑End closed-end sponsors, are making generally offer higher the Investment Company Institute, a moves to revive the sector, in part fund-industry trade group, the closed- by revamping their structure. These yields, but also higher end sector also has gotten help from Funds: The moves include having the fund fees and risks. the Securities and Exchange Commis- sponsors, not investors, pay the sion against attacks by activist inves- Comeback Tour sales commissions that brokerage tors. The SEC in May approved firms charge for selling the funds. Jay Ritter at the University of Flor- closed-end funds’ use of a Maryland New closed-end funds also come ida found that closed-end funds un- law limiting the voting rights of ac- with term limits that give investors derperformed other funds by a wide tivists, thus potentially reducing the Adisrespected form of mutual funds the option of getting out at par af- margin in their first year of exis- activists’ ability to gain control of might be getting a second life ter a certain number of years. tence. Yet Prof. Ritter believes such funds or apply pressure for change. Closed-end funds generally offer funds can be useful as sources of Since 2019, new issues have re- higher yields than open-end, often high-yield income, if bought at dis- bounded, led by two BlackRock stock BY RANDALL SMITH increased by borrowing, which also counts in small doses to limit risk. funds, one for health science and the adds to risk. Those yields can be Mike Holland, a Wall Street exec- other for tech companies. The two losed-end funds, the has-beens of the mutual-fund tempting. But average investors utive who helped launch a closed- funds currently have $5.1 billon in as- world, are getting a chance for a second life. shouldn’t take the plunge without end China fund in 1992 and remains sets between them. The flood of investmentdollarsintolow-costindex understanding the higher fees and a director of a high-yield utility The activists typically purchase funds has challengedmanyofWall Street’s mostex- risks. The average expense ratio for closed-end fund, says, “There are funds at discounted prices and then pensiveofferings,few moresothan closed-end funds. these funds, for example, is cur- pockets of this market where if you push for changes that could narrow In the decade afterthe financial crisis,assets under rently more than double the aver- are very careful and very lucky you the discount and thus increase the Cmanagement doubledinstock and bond mutual funds age for actively managed open-end can do quite well.” But their allure market price of their shares. but remainedstagnantinclosed-end funds,wherethe total in July funds, says Morningstar. And the has faded as lower-cost options stood at $254.7 billion. Annual average new-issue volume,mean- risks were on display in this year’s have proliferated, he adds. Mr. Smith, a former financial reporter while, fell from $13.2billion in the decade endedin2013to$2bil- market plunge, when several energy Dave Lamb, Nuveen’s head of for The Wall Street Journal, is a lion forthe next fiveyears, according to Dealogic. funds were forced by their use of closed-ends, says their ability to de- writer in New York. He can be But now some big-name fund managers, led by TIAA’s Nuveen borrowing to sell assets or liquidate. liver higher distributions by using le- reached at [email protected].

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